Bitcoin Reclaims $87,000 With XRP, Solana And Ethereum Leading Gains – Trend Reversal May Be Short-Term, Says Analyst

• Crypto liquidations hit $380 million in 24 hours, mainly from short positions.
• The Crypto Fear and Greed Index climbed to 20, though it stayed in ‘extreme fear.’
• XRP outperformed major tokens with a 7% gain and strong retail momentum.

Bitcoin (BTC) recovered to $87,000 in early morning trade on Tuesday, with Ripple’s XRP (XRP), Solana (SOL), and Ethereum (ETH) leading gains among major tokens. 

Bitcoin’s price rose 1.6% in the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency remained in the ‘neutral’ zone, with ‘high’ levels of chatter over the past day. 

Bitcoin may have established a short-term floor, according to CryptoQuant analyst Carmelo Alemán. He pointed to increased accumulation among investors holding 100 to 1,000 BTC and those with more than 10,000 BTC. Aleman, however, warned that ongoing selling by mid-sized holders in the 1,000 to 10,000 BTC range is “preventing a full confirmation of trend reversal.”

The overall cryptocurrency market rose 2% in the last 24 hours to $3.09 trillion. CoinGlass data showed liquidations hit $380 million in the last 24 hours, largely driven by heavy losses in short positions. The Crypto Fear and Greed Index continues to trend in ‘extreme fear’ territory, even as levels have risen to 20 on Tuesday, from 11 last week.

XRP, SOL, ETH Lead Gains

Among the top 10 cryptocurrencies by market capitalization, XRP, SOL and ETH led gains. XRP’s price jumped more than 7.2% in the last 24 hours to $2.21, with retail sentiment around ‘bullish’ territory and ‘high’ levels of chatter. 

Meanwhile, Solana’s price climbed 5.5% to above $136, but retail sentiment around the token remained in ‘extremely bearish’ territory. Ethereum’s price gained 3.4% in the last 24 hours as chatter dipped to ‘normal’ from ‘high’ levels over the past day, and retail sentiment remained in ‘bearish’ territory. 

Dogecoin (DOGE) rose 2.4% in the last 24 hours, followed by Cardano (ADA), which gained 2.1% and Binance Coin (BNB), which was up 1.4%. 

ETF Momentum Continues To Build

The momentum behind ETF listings continues to build despite volatile net flows seen in Bitcoin and Ethereum Spot ETFs. The first-ever Dogecoin (DOGE) ETF made its debut on NYSE Arca on Monday and traded $1.41 million, according to data from SoSoValue. Bitwise’s Dogecoin ETF (BWOW) is expected to list on Thursday. VanEck Digital Assets has also filed with the U.S. Securities and Exchange Commission (SEC) to introduce the Vaneck BNB ETF.

Tron Coin (TRX) was the only major token to post a loss in early-morning trade on Tuesday. TRX’s price dipped 1.8%, with retail sentiment around the altcoin in ‘bearish’ territory, alongside ‘normal’ levels of chatter.

Traders are also looking out for Tuesday's economic data, including the September retail sales report, the Producer Price Index (PPI), consumer confidence, and pending home sales, to help gauge how the monetary policy may shape up in December.

Read also: Dow Futures Edge Lower As Investors Await Economic Data: GOOGL, META, NVDA, BABA Among Stocks To Watch

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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