Major coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded higher on Tuesday night as the global cryptocurrency market cap rose 3.75% to $2.13 trillion.
What Happened: BTC gained 4.61% to $47,235.13 over 24 hours. The apex cryptocurrency has risen 0.43% over a seven-day period.
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The second-largest coin by market cap, ETH, rose 3.06% to $3,415.06 over 24 hours. For the week, ETH has fallen 1.15%.
Dogecoin (CRYPTO: DOGE) rose 1.23% to $0.24 over 24 hours. Over a seven-day period, DOGE has declined 7.13%.
Solana (CRYPTO: SOL), which saw massive gains in recent days, traded 5.64% lower at $160.91 over 24 hours. Over the last seven days, SOL has fallen 5.81%.
Decentralized Finance or DeFi tokens were on a tear Tuesday with SushiSwap (CRYPTO: SUSHI) emerging as the top 24-hour gainer, as per CoinMarketCap data.
SUSHI rose 17.41% to $12.97 over 24 hours. For the week the token has risen 19.39%.
SUSHI’s 24-hour gains against BTC and ETH stood at 11.37% and 12.36% respectively at press time.
Other notable 24 hour gainers were Curve Dao Token (CRYPTO: CRV), Aave (CRYPTO: AAVE), and Compound (CRYPTO: COMP).
CRV shot up 17.36% to $2.77, AAVE gained 16.99% to $383.99, and COMP was up 15.53% at $442.66 in the period.
Why It Matters: Earlier on Tuesday, the fear and greed index, a gauge of emotions and sentiments as pertaining to Bitcoin and other large cryptocurrencies indicated “Fear.” It has since turned “Neutral.”
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Marcus Sotiriou, a sales trader at the United Kingdom-based digital asset broker GlobalBlock, said in an emailed note that this turn of the fear and greed index to fear levels Tuesday could be in part due to regulatory concerns.
Sotiriou pointed to Tuesday's commentary of the U.S. Securities and Exchange Commission Chair Gary Gensler at the U.S. Senate which was released yesterday, which indicated that he will be targeting stable coins and that the majority of tokens listed on major crypto exchanges presently are in fact securities and should be treated as such.
The negative sentiment is prevalent, as per Sotiriou, at a time when whales continue to accumulate BTC.
“Whale holdings have increased by roughly 44,000 BTC ($2bn) in the past week, and 103,600 BTC ($5bn) in the past 3 weeks. Yesterday MicroStrategy announced their purchase of 5,050 BTC at an average of $48,099, leaving the remaining buyers of the 98,000 BTC unknown,” the analyst wrote.
“This means we may see a flood of institutional BTC purchase announcements over the coming weeks or months.”
Meanwhile, Solana developers were working on Tuesday to restart the network after it went through hours of downtime, reported CoinDesk.
A person familiar with the matter told CoinDesk that the outage “impacts everything built on Solana, but the issue is the underlying [layer 1].”
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