After crypto prices fell a great deal during the Asian trading session on August 5, the market felt some comfort during the U.S. trading session.Bitcoin was able to cut down on its 24-hour losses by rising from its afternoon lows below $50,000.
Several altcoins also did well during this recovery. Celestia and Helium were two of the most famous winners.
Both had double-digit gains that were cut back a bit because people might be taking profits. Santiment, a crypto market intelligence tool, says that the gains have made people more interested in other coins than Bitcoin and Ethereum, which were the focus of the sharp drop.
Bitcoin, Altcoins Gain Ground
Market-wide liquidations stayed above $1 billion, and a lot of strong bets suffered losses when crypto and stock prices crashed. Coinglass data shows that the number of crypto liquidations has gone up by more than 19% in the last 24 hours.
The most trades happened on August 5 than at any other time since March, when Bitcoin hit a new all-time high. In the last 24 hours, over $244 billion was traded, which is a 230% rise and is similar to how much funds was traded on the stock market. Bloomberg was one of the first to report that the number of U.S. stock trades had increased significantly.
This morning, TIA fell as low as $4.04. By the time this story was written, it had risen 11.9% to over $5.16. Helium also went up 10%, moving above $4.7 before going down again. The 24-hour trading volume for both tokens rose by more than 120%, which means there may be more “buy the dip” chances in the hours to come.
Other coins, like Ondo Finance and Mantra, also went up. On the other hand, Lido DAO, Arbitrum, and Near Protocol were some of the most significant losers of the day, falling more than 12% in just 24 hours.
