Ethereum has outpaced Bitcoin in daily gains as the Token 2049 and Breakpoint conferences concluded in Singapore, two of the largest events in the cryptocurrency space. Despite this, both cryptocurrencies remain relatively stable amid ongoing market stagnation.
Ethereum’s price rose by 2.6%, trading above $2,600, while Bitcoin increased by 1.2%, hovering above $63,700. The CoinDesk 20 (CD20) index, which tracks the performance of the largest digital assets, showed minimal movement, rising by less than 1%.
Data from CoinGlass reveals that over the last 12 hours, there were more short positions liquidated compared to long positions, with $64.23 million in shorts and $54.42 million in longs being liquidated.
Trading volume is expected to decline following a 50 basis point rate cut last week. Over the past week, Bitcoin has increased by 9.5%, while Ethereum has surged over 16%. Traders on the Polymarket platform anticipate another rate cut, but opinions are divided on its magnitude: 47% expect a 50 basis point reduction, while another 47% predict a 25 basis point cut.
Meanwhile, Solana, which was in the spotlight at the Breakpoint conference, stabilized at over $145. Announcements made during the conference, including the launch of the Jump Crypto validator, were well-received by attendees.
