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The dominant cryptocurrency has mostly languished under $120K since its $123K peak on July 14, but even then, altcoins have failed to dethrone it.
Even With Bitcoin Flat, Hopes for Altcoin Season Are Fading
Bitcoin ( BTC) has been treading water for the past week or so, and despite a relatively bullish sentiment, as measured by Coinmarketcap’s “Greed Index,” altcoins, at least for now, have failed to topple the king.
As recently as Tuesday, the Greed Index was at 70, meaning investors were overall relatively bullish. That lined up well with another Coinmarketcap metric, the Altcoin Season Index, which peaked at 56 on Monday. All of this came in the wake of double-digit rallies by the two largest altcoins, ether ( ETH) and XRP, and even more impressive performance by lesser tokens such as pudgy penguins (PENGU), which is up nearly 34% for the week at the time of writing.
But even as bitcoin took a backseat after reaching its own $123K all-time high on July 14, altcoins have been unable to dethrone the marquee cryptocurrency from the top spot. The Altcoin Season Index has dropped to 40, greed has eased to 67, and perhaps as evidenced by the implosion of the much-hyped PUMP token, which powers the memecoin site pump.fun, hopes for a 2025 altcoin season are quickly fading.
Overview of Market Metrics
Bitcoin was up by a hair at the time of reporting, trading at $118,745.25, an appreciation of 0.82% over 24 hours. The digital asset was also up on a weekly basis, but by an even smaller margin of 0.08%, and traded between $117,247.97 and $119,535.45 since yesterday.
Twenty-four-hour trading volume climbed 9.94% to $74.27 billion, and bitcoin’s market capitalization inched up 0.65% to $2.35 trillion, while BTC dominance dipped 0.07% and stood at 61.83%.
Total bitcoin futures open interest for the day dropped 1.21% to $83.62 billion, according to Coinglass, and total BTC liquidations for the day came in at $72.56 million. Long liquidations dominated that grand total with $51.03 million wiped out, while short positions had a relatively smaller $21.54 million liquidated.