Crypto Markets Today: Altcoins Show Signs of Life as Bitcoin Holds Key Support Above $88K

Bitcoin is stabilizing around $91,450, maintaining crucial support at $88,000, as traders display caution amidst a volatile market. This has prompted a relief rally in speculative altcoins, with notable gains in Starknet (STRK) climbing 28%, as well as AAVE, CRO, and INJ following a significant $400 billion downturn in total market capitalization. The Fear and Greed Index reflects extreme fear at 16, indicating potential for continued market bounce. Despite this relief, trading confidence remains low, as evidenced by declining open interest in major cryptocurrencies, suggesting cautious capital flow into the market. However, markets are showing signs of recovery, with several altcoins outperforming after a week of bearish pressure. Ethereums price is at $3,095, while Bitcoin dominance has slipped to 58%. Moving forward, market direction hinges on Bitcoin's ability to regain higher support levels around $98,000 amidst a shift towards altcoin preference among traders.

Source 🔗