Crypto wrap: BTC and Ethereum slide as Mantle, Hyperliquid, Aethir soar
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Cryptocurrencies continued to dump on Friday as Bitcoin dipped below $109,000 and Ethereum fell under $3,900.
The global crypto market capitalization shrank 2% to $3.74 trillion as most coins inched towards oversold territory and liquidations rose. While Solana, XRP and BNB wavered, altcoins like Mantle, Hyperliquid, and Aethir bucked the trend, posting impressive gains.
Here’s a brief overview of the crypto market today.
Bitcoin retreats below $110k
Bitcoin slipped to $108,713, marking a 2% decline in the past 24 hours as price failed to hold above $110,000. The 5.5% dip in the past week means the benchmark digital asset continues to struggle near its lowest level in over three weeks.
The drop coincided with the Bitcoin Fear and Greed Index falling to 28, with overriding sentiment now in fear territory as investors show caution.
Technical indicators however suggest BTC is nearing oversold territory with the Relative Strength Index at 35. If Bitcoin holds above $109,200, it could rebound toward $112,000.
Analysts at Glassnode shared the outlook below about Bitcoin price:
If BTC bulls fail to keep bears off at prices below $110,000, it is likely they could be forced to defend support levels near $107,000.
Ethereum’s struggle under $3,900
Ethereum dropped below $3,900 to touch lows of $3,829 per CoinMarketCap. While the price hovered around $3,950 at the time of writing, it showed a 2% decrease in 24 hours.
Over the week, Ether’s price decline has been intensified by ETF outflows and whale selling. For instance, one whale swapped significant BTC for ETH on Hyperliquid, contributing to volatility.
Technical analysis warns of further risks if ETH fails to reclaim $4,000, with support levels near $3,500 under scrutiny. However, growing whale accumulation and Ethereum’s network enhancements signal potential for recovery.
Hyperliquid price pops to above $43
Hyperliquid has again emerged as a standout performer as most altcoins struggle.
Although HYPE has faced pressure amid fierce profit taking recently, the token is showing bullish signals at $43. Per CoinMarketCap, the decentralized exchange token hit intraday highs of $44 amid a 4% increase in volume.
Hyperliquid’s decentralized exchange maintains strong user appeal due to its high leverage offerings and user experience. HYPE`s total value is nearly $6.8 billion.
Aethir price gains 9% amid AI sector boost
Aethir, a decentralized cloud computing platform, saw significant gains in intraday trading on Friday, Sept. 26. Capitalizing on the artificial intelligence and decentralized finance narratives has helped Aethir price rebound 9% to $0.0611. The token dropped to $0.054 as top coins plummeted on Sept. 25.
The increasing demand for scalable, decentralized infrastructure adds to Aethir’s bullish structure.
Aethir’s rally also reflected in the prices of Mantle, which surged nearly 6% to $1.69, and MYX Finance, which gained 4% to above $9.42. These tokens positioned among the top gaining altcoins on the day.
However, 0G, Avalanche and Immutable ranked as top losers in the 100 largest coins by market cap, down 9.5%, 9.2% and 7.9% respectively in the past 24 hours. Aster also dipped before showing a slight recovery.
The post Crypto wrap: BTC and Ethereum slide as Mantle, Hyperliquid, Aethir soar appeared first on Invezz
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