Bitcoin advanced Thursday and its dominance rate rose to 59%, signaling renewed preference for the largest crypto asset while ether, solana and XRP remained below a key technical level. Smaller tokens BEAT and VELVET posted sharp gains, but derivatives data pointed to hedging and limited appetite for fresh leverage.
Bitcoin advanced Thursday and its dominance rate rose to 59%, signaling renewed preference for the largest crypto asset while ether, solana and XRP remained below a key technical level. Smaller tokens BEAT and VELVET posted sharp gains, but derivatives data pointed to hedging and limited appetite for fresh leverage.
The move matters because bitcoin’s market dominance climbed to 59% from last week’s low of 57.9%, suggesting capital has been rotating back toward the largest cryptocurrency. CoinDesk noted that bitcoin has held above its 200-week average, while ether, solana and XRP remained below that widely watched technical level.
Bitcoin rose Thursday, with BTC gaining 2.4% over 24 hours to trade near $62,800, according to CoinDesk. The broader CoinDesk 20 Index added 2.3% to 1,690, while the CoinDesk Memecoin Index led with a 2.7% increase.
The move matters because bitcoin’s market dominance climbed to 59% from last week’s low of 57.9%, suggesting capital has been rotating back toward the largest cryptocurrency. CoinDesk noted that bitcoin has held above its 200-week average, while ether, solana and XRP remained below that widely watched technical level.
That split points to a market where bitcoin is showing relative strength as major altcoins struggle with weaker momentum. The setup does not guarantee future price direction, but it gives traders a clearer snapshot of current market preference and risk appetite.
Outside the largest tokens, Audiera’s BEAT token climbed another 57%, lifting its seven-day gain to more than 500%. The project, a Web3 entertainment and rhythm gaming platform on BNB Chain, said on X that onchain activity was rising, though CoinDesk also reported social media concerns around concentrated ownership and possible pump-and-dump risks.
VELVET was another standout, rising roughly 800% over 30 days and more than doubling in 24 hours. CoinDesk linked the rally to interest in pre-IPO perpetual futures tied to companies such as SpaceX, OpenAI and Anthropic, while noting that these synthetic contracts do not provide shares, dividends or voting rights and can diverge from real-world valuations.
Derivatives positioning looked cautious despite the spot-market gains. Exchanges liquidated $378 million over 24 hours, including more than $207 million in long positions, while bitcoin and ether futures open interest stayed broadly stable. Bitcoin and ether puts continued to trade at a premium to calls on Deribit, indicating traders were still paying for downside protection rather than aggressively positioning for a volatility surge.
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