The crypto market is in green today even as investors settle for the weekend. Currently, major tokens are up an average of 2-5% in 24 hours. As a result of that, the overall market capitalization has increased by 1.59% to $4.02 trillion, almost hitting its all time high of $4.05 trillion set in July.
DOGE & SOL Surge 6% in 24 Hours
Dogecoin (DOGE) and Solana (SOL), both ranked within the top 20 cryptocurrencies by market capitalization, saw their prices spike by 6% each over the last 24 hours, according to data from CoinMarketCap.
At the time of writing this report, DOGE is trading for $0.2638, up from a daily low of $0.2493 during the Asian trading session. Meanwhile, DOGE’s market capitalization increased to $39.82 billion, despite a 1.58% drop in trading activity to $3.73 billion.
SOL is currently trading for $239.29. Over the last 24 hours, the token has experienced a 33% surge in trading activity, which led to $12.01 billion. The token saw momentum during the Asian session when it was trading $234, then surged $241 before dropping a brief.
MYX Finance Surge 23% from Previous Day
MYX Finance (MYX) saw the most gains, climbing over 23% over the same period. The price surge was accompanied by a 23% increase in trading activity, which resulted in a trading volume of $3.54 billion.
Meanwhile, the token initially saw a drop during the Asian trading hours, when it dipped down to $10.5, before surging back up during the New York session to trade at $18.08.
Market Sentiment
The recent price action aligns with a shift in investor sentiment toward altcoins. According to the Altcoin Season Index, sentiment has moved to 67%, indicating that traders are increasingly focusing on non-Bitcoin cryptocurrencies. This sentiment shift comes even as the overall market sentiment, as measured by the Fear and Greed Index, remains neutral at 50%.
The market rally occurred alongside a period of significant liquidations from leveraged trading. According to data from Coinglass, a total of 105,839 trades were liquidated yesterday, resulting in $286.24 million in total liquidations.
Long-position traders, who bet on rising prices, were liquidated for $67.45 million, while short-position traders, who bet on falling prices, saw $218.94 million in liquidations, suggesting a sharp, unexpected price move upwards.
