Crypto Sees ‘Cooling Period’ – BTC, ETH Hold Weekly Gains While Altcoins Lose Steam

• Retail sentiment on Stocktwits around Bitcoin and Ethereum was in ‘bearish territory’ but have seen an uptick over the week on Stocktwits. 
• Analysts suggested this is a 'cooling period' in the markets as interest in crypto assets may be resurfacing.
• BNB, SOL and ADA saw retail sentiment remain in ‘bullish’ territory over the past day.

Despite slight pullbacks, the total crypto market cap continues to stay above $3.1 trillion in early morning trade on Tuesday. 

Bitcoin (BTC) was hovering around $90,197, a loss of 1.87% in the last 24 hours. Ethereum (ETH) was at approximately $3,105, a decline of 1.65% in the last 24 hours. However, in the last seven days, both cryptocurrencies remained stable and have continued to provide moderate upward movement with ETH up over 10% and BTC up 3.77%. 

On Stocktwits, retail sentiment around BTC dropped to ‘neural’ from ‘bullish’ territory over the past day. Meanwhile, retail sentiment for ETH remained in ‘bullish’ territory.

Cooling Period

Analysts view this as a 'cooling period', often seen in the markets. Senior Technical Analyst at IG, Alex Rudolph, believes that “near-term fear may be easing and that interest in high-quality crypto assets could be resurfacing.” 

Liquidations were comparatively contained over the past day at $137 million, with Ethereum reporting about $40 million in liquidations and Bitcoin reporting about $54 million, as per Coinglass.

Altcoins Under Mild Pressure

Pressure is also being placed on Solana (SOL) and XRP (XRP). Solana was trading at roughly $132.50, down 3.10% in the last 24 hours. XRP, priced at $2.05, was down 2.04 % and has continued to decline for the second day in a row, indicating weaker short-term momentum. 

Although both tokens are experiencing downward trends, they have remained rangebound over the past few weeks. For Solana, liquidations totaled $7.79 million in the last 24 hours. The token has partially cleaned up its overleveraged positions, with $6.04 million in long liquidations following its 3% pullback. XRP's $2.23 million long versus $274,000 short liquidations are small given its market cap and recent price softness.

Binance coin (BNB) was trading at $886.63 at press time, down 2.5% in the last 24 hours. Cardano (ADA) also saw a downtick of nearly 2% trading at $0.4271. BNB underperformed all altcoins in 24-hour gains. The retail sentiment for BNB continued to be in ‘bullish’ territory with message volumes at ‘neutral’, while ADA’s retail sentiment continued to be in the ‘highly bullish’ zone.

Tron (TRX) and the largest memecoin, Dogecoin (DOGE) also joined the downward trend, both down over 2% in the last 24 hours. Rental sentiment around DOGE and ADA was in ‘bearish’ territory on Stocktwits over the past day. XRP also faced ‘bearish’ retail sentiment, while sentiment around Solana’s was in ‘bullish’ territory on Stocktwits. 

Read also: Ripple’s $500M Share Sale Draws Wall Street Giants

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

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