he Asia market was slow to start on September 23, 2024, with Bitcoin up 1.2%, while Ether rose 2.6%, in response to the closing of Token 2049 and Solana's Breakpoint conference in Singapore, but both tokens are relatively flat in the larger market context.
Ether was outpacing Bitcoin in daily gains as both events wrapped up, reflecting a minor change in investor sentiment. At the time of publication, ETH traded above $2,600, up 2.84%, while BTC changed hands above $63,600, up 1.2%.
Recent financial developments have cooled market activity, including the 50 bps interest rate cut last week. BTC is up about 9.5% over the past week, while ETH has tacked on more than 16%.
According to data from Coinglass, a slight bias toward shorts remains; $64.92 million worth of shorts were liquidated over the last 12 hours versus $57.51 million worth of longs.
Market Sentiment and Analyst Insights
The ETH/BTC trading pair is inching close to the potential bottom, according to crypto analyst Benjamin Cowen. In a recent update with his YouTube audience, Cowen insinuated that although this pair always tends to bottom out against Bitcoin, Ethereum looks close to the bottom in the current cycle.
He added that Bitcoin dominance at 57.64% has still not dropped, and could mean further local bottoms before ETH/BTC reverses.
Cowen further explained that dominance could go up to as high as 60% but Ethereum getting its bottom against BTC could happen before the other altcoins do. He elaborated that all different assets might not necessarily reach their bottoms all at once and that calls for a different recovery pattern for each of them.
Other Market Movers
Solana is still above $145, flat, since the spotlight of the Breakpoint conference. Indeed, many big announcements happened at the event, such as Jump Crypto's validator launch. Pendle - its token connected to Arthur Hayes' fund Maelstrom - fell over 6.44%. The drop comes on the back of red flags following Maelstrom's decision to cut its stake in the project.
On the other hand, Iggy Azalea-backed memecoin MOTHER is up 4.5% after announcements of a new online casino project called "Motherland." It has remained one of the few celebrity-endorsed tokens still holding their value. However, it mostly trades on decentralized exchanges and, hence a potential listing on centralized exchanges would be more complicated given the regulatory aspect.
