Bitcoin and Major Altcoins Experience Modest Gains Amid Precious Metals Rally
- Total crypto market capitalization reached $3.06 trillion, up by 0.8% in the last 24 hours.
- Bitcoin (BTC) traded at $87,872, marking a gain of 0.5%, while Ethereum (ETH) also rose by the same percentage to $2,939.
- Major altcoins outperformed BTC with XRP increasing by 1.1%, Solana (SOL) advancing by 1.3%, and Dogecoin (DOGE) also rising by 1.3%.
- Bitcoin remains range-bound between approximately $86,500 and $90,000 according to analyst Michaël van de Poppe.
- Glassnode reported the short-term holder cost basis for Bitcoin at $99,900, indicating many recent buyers are currently at a loss.
As investors seek traditional inflation hedges amidst economic uncertainty, precious metals like silver and gold have seen significant price increases this year—up about 155% and 72%, respectively.
Currently trading near $87,800, Bitcoin’s price remains below its short-term holder cost basis of $99,900, suggesting potential selling pressure as holders look to break even on their investments.
