The crypto market has been buzzing over the past 24 hours, with Bitcoin breaking new highs, memecoins grabbing headlines, and DeFi innovations stealing the spotlight. Here’s a daily market recap of the key events.
Daily Market Recap – Key Events
1. Bitcoin Breaks $88,000 Amid Macro Shifts
- Bitcoin (BTC) soared past $88,000, up 3-4%, fueled by a weakening U.S. dollar and uncertainty surrounding the Federal Reserve.
- Liquidation data from Coinglass shows $140M in short positions wiped out, signaling fading bearish pressure and a bullish market sentiment.
2. Trump’s Memecoin ($TRUMP) Jumps 8%
The Trump-backed memecoin $TRUMP spiked 8%, driven by Donald Trump’s X posts calling it “the best in crypto.” Retail investors piled in, but warnings of a potential bubble echoed across X.
3. Solana Outshines Ethereum, Vitalik’s Proposal Sparks Debate
- Solana (SOL) climbed to $140 (up 3%), outpacing Ethereum (ETH) at $1,600 (up 2%). SOL’s robust DeFi ecosystem fueled its rally.
- ETH faced headwinds from Vitalik Buterin’s proposal to replace the Ethereum Virtual Machine (EVM) with RISC-V.
4. Hyperliquid Leads On-Chain Derivatives
- Hyperliquid captured 70% of the on-chain derivatives market, signaling a shift from centralized exchanges (CEX).
- This milestone underscores DeFi’s growing dominance, drawing significant capital into decentralized platforms.
5. Market Snapshot
- Total Market Cap: ~$2.75T, 24h trading volume: ~$680B (CoinMarketCap).
- Top Performers: $TRUMP, SOL, and DeFi tokens led gains.
- Laggards: Smaller altcoins like DEXE and MANTRA dropped 5-8%.
- X Sentiment: Bullish on BTC and SOL, cautious on memecoins, and excited about DeFi and blockchain tech.
To sum up, the crypto market is thriving amid macroeconomic uncertainty, with Bitcoin and Solana leading the charge. Memecoins like $TRUMP captivate retail traders, but caution is advised.
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