Bitcoin Several major altcoins recorded stronger gains and traded in tight ranges on Sunday, even as the precious metal’s historic gains continued to dominate the broader macro backdrop.
As of 10:35 a.m. UTC, the total cryptocurrency market capitalization was $3.06 trillion, up 0.8% in the past 24 hours. Bitcoin rises 0.5% to $87,872, Ethereum Up 0.5% to $2,939. Among major altcoins, XRP rose 1.1%, solana up 1.3% It rose 1.3%, outperforming both Bitcoin and Ethereum during the same period.
Bitcoin remains range-bound around $88,000
Bitstamp’s 24-hour BTC-USD price chart shows Bitcoin trading within a tight range. After slipping earlier in the session, the price found support at mid-$87,500 before rebounding towards the upper range limit near $87,900. Each attempt to push higher was met with selloffs and relatively minor pullbacks, a pattern consistent with a weekend consolidation with thin liquidity.
Cryptocurrency analyst Michaël van de Poppe said on X that Bitcoin is still hovering between approximately $86,500 and $90,000. He said it was important to retest the lower end of the range because repeated retests could weaken support over time. He said he would next look at $83,000 and then $80,000 as potential downside areas if buyers fail to hold that area.
On the bright side, van de Poppe said a return to $90,000 would be constructive if Bitcoin also moves back above the 20-day moving average, a commonly followed short-term trend indicator. He said a return to this level could set the stage for a further move towards $105,000.
Glassnode’s on-chain hierarchical framework may be under pressure
An update published by Glassnode showed slight changes to several widely followed on-chain price models, with spot trading at around $87,800. The analyst firm lists a short-term holder (STH) cost basis of $99,900, an average cost to active investors of $87,700, a real market average cost of $81,100, and a realized price of $56,200.
In on-chain analysis, the short-term holder cost basis is often used as a reference for the average entry of new buyers into the market. With spot trading well below that level, many recent participants are underwater, a situation that traders often focus on as a rally toward this area could cause holders to seek to sell near the break-even point.
The average level of active investors is almost exactly at the current spot level. Effectively, this suggests that Bitcoin is trading near the midpoint relative to coins that have recently moved on-chain, a setup that is generally consistent with sideways price action, as small moves can quickly flip the group between modest profits and losses.
Below current prices, the true market average of closer to $81,100 is often viewed as a deeper valuation reference rather than a forecast, while the actual price of closer to $56,200 represents the total on-chain cost base across the supply and is often viewed as a long-term benchmark.
Precious metals rally puts macro focus in focus
Beyond cryptocurrencies, precious metals remain in the spotlight as investors continue to favor traditional inflation hedges over concerns about long-term purchasing power.
“Kobeissi Letter” pointed out on Friday that silver has risen by about 155% so far this year, briefly becoming the world’s third largest asset by market value, while gold has risen by about 72% this year. The company compared the move to 1979, when inflation was in double digits.
Fred Krueger, author of The Big Book of Bitcoin and a self-proclaimed “not much of a chartist,” said on
In a follow-up post about 15 minutes later, Kruger argued that silver lacks Bitcoin’s network effects and said that the more silver surges, the faster it will fall as the narrative fades. He also said that supply could respond in less than a month, starting with scrap metal, and suggested that some investors may eventually ask why they didn’t simply buy Bitcoin.