Celestia (TIA), Helium (HNT) lead gainers as Bitcoin retests $55k

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As a seasoned crypto investor who has weathered numerous market storms and surges, I can confidently say that the recent rebound of Bitcoin to test the $55k mark and the impressive gains made by Celestia (TIA) and Helium (HNT) have been nothing short of exhilarating. After a tumultuous few days, it’s refreshing to see the market bounce back, especially when the focus shifts from Bitcoin and Ethereum to more speculative assets like TIA and HNT.

Among the top 100 cryptocurrencies ranked by market capitalization, Celestia and Helium experienced the most significant price increases, with their values rising notably, as the value of Bitcoin rose to challenge the $55,000 level.

Following a significant drop in cryptocurrency values during the Asian trading hours on August 5, there was a noticeable improvement in the market during the U.S. trading period.

Bitcoin (BTC) has reduced its 24-hour losses following a rebound from its $50k intraday lows, which has benefited some alternative coins as well. Standout performers among these coins are Celestia (TIA) and Helium (HNT), each experiencing double-digit growth initially before slightly moderating due to potential profit-taking.

As a market analyst, I’ve noticed a fascinating shift in crypto market dynamics. According to Santiment’s insights, the recent gains appear to be steering investor attention towards alternative coins, rather than Bitcoin and Ethereum, which had been the focal point during the steep sell-off. This suggests a potential diversification trend within the cryptocurrency space.

🗣️📊 It’s no surprise that Bitcoin and Ethereum have been the main attractions, but as cryptocurrency prices rebound, it’s the less conventional assets that are experiencing a surge, often overlooked by the crowd.

— Santiment (@santimentfeed) August 5, 2024

Throughout various markets, liquidations exceeded one billion dollars following the significant elimination of optimistic wagers during the recent collapse of cryptocurrencies and stocks. According to Coinglass, liquidations in the crypto market have increased by over 199% within a 24-hour period.

On August 5th, there was the highest trading volume for Bitcoin and other cryptocurrencies since March, marking a significant increase following Bitcoin’s surge towards a fresh record high.

In the last 24 hours, more than $244 billion worth of cryptocurrency was traded – a staggering 230% rise compared to the previous day. This significant increase in daily trading volume for crypto is similar to what we’re seeing across stock markets. According to Bloomberg, here’s an early snapshot of how U.S. stocks are performing in terms of trading volumes.

Today, the S&P 500 members are experiencing one of the busiest trading days reminiscent of the aftermath of the global financial crisis. In just four hours, over 2.3 billion shares have been traded.

— Bloomberg (@business) August 5, 2024

Celestia, Helium top gainers in top 100 coins

Initially, TIA dropped to $4.04, but later surged by 11.9%, reaching $5.16 at this moment. On the other hand, Helium peaked above $4.7 after a 10% recovery, only to subsequently decline. In the last 24 hours, both digital tokens have seen trading volumes exceeding 120%, indicating that the market’s weakness could potentially offer additional ‘buy the dip’ chances in the upcoming hours.

As a researcher delving into the crypto realm, I noticed an uptick in the performance of Ondo Finance and Mantra during the specified period. On the flip side, Lido DAO, Arbitrum, and Near Protocol experienced significant drops, with each losing over 12% within a 24-hour timeframe.

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2024-08-05 22:48