Key Points
- Celestia and Helium are leading the altcoin gains as Bitcoin’s price rebounds to $55k.
- Bitcoin’s recovery has aided some altcoins, with market sentiment shifting away from Bitcoin and Ethereum.
As Bitcoin’s price bounces back to test the $55k mark, Celestia and Helium are leading the charge among top gaining altcoins.
This follows a sharp dip in crypto prices during the Asian trading session on August 5, which saw some recovery during the U.S. session.
Bitcoin’s Recovery and Altcoin Gains
Bitcoin has managed to narrow its 24-hour losses, rebounding from intraday lows of under $50k. This recovery has been beneficial for some altcoins, including Celestia and Helium, which both saw double-digit gains before slightly pulling back due to potential profit-taking.
According to crypto market intelligence platform Santiment, these gains have caused a shift in crowd sentiment. The focus is moving away from Bitcoin and Ethereum, which were the main focus during the sharp sell-off.
Across the market, liquidations have remained above $1 billion following a significant wipeout of bullish bets during the crypto and stocks crash. Coinglass reports that crypto liquidations are still more than 199% up in 24 hours.
Trading Volume and Top Gainers
August 5 also saw the highest trading volume since March, when Bitcoin led the crypto market higher with a spike to a new all-time high. Over $244 billion was traded in the past 24 hours, representing a 230% surge. This increase in daily volume for crypto mirrored a similar increase across stocks.
Celestia and Helium were the top gainers among the top 100 coins. Celestia was up 11.9% to above $5.16, while Helium rebounded 10% to above $4.7. Both tokens saw 24-hour volumes of over 120%, suggesting potential ‘buy the dip’ opportunities in the coming hours.
Other coins such as Ondo Finance and Mantra also experienced some upward movement. However, Lido DAO, Arbitrum, and Near Protocol were among the top losers, with more than 12% declines in 24-hour respectively.
