The overall cryptocurrency market rose 3.1% in the last 24 hours, climbing back above $2.3 trillion.
- Ethereum and Solana led gains among major cryptocurrencies during a broader market rebound in the market on Tuesday night.
- Retail traders on Stocktwits expressed their disappointment over the lack of Bitcoin or cryptocurrency being mentioned in the State of Union.
- Bitcoin’s price traded at around $65,200 on Tuesday night, paring gains after crossing $66,000 earlier in the day.
Ethereum (ETH) outperformed Bitcoin (BTC) as the cryptocurrency market recovered on Tuesday night and BTC’s price held above $65,000 even as President Donald Trump made no mention of any digital asset during the longest State of the Union address in history.
According to a Politico report, Trump broke his own record from last year of 1 hour 40 minutes. The President mentioned healthcare, defense, insider trading and even that the Space Force was his “baby” but skipped over any mention of cryptocurrencies.
Some retail investors on Stocktwits expressed disappointment over the lack of either Bitcoin or crypto being mentioned in Trump’s State of Union speech, which they had hoped would provide the market with a much needed catalyst.
Bitcoin’s price rose 4% in the last 24 hours to around $65,200, paring gains after crossing $66,000 earlier in the session. BTC remains nearly 50% below its record high of over $126,000 seen in October and hasn’t been able to climb back above $70,000 for over two weeks. On Stocktwits, retail sentiment around Bitcoin improved to ‘neutral’ from ‘bearish’ territory over the past day.
Ethereum, Solana Outperform Major Tokens
The bigger winners among crypto majors – the top 10 tokens as per their market value – were Solana (SOL) and Ethereum. Solana’s price gained more than 7% in the last 24 hours, rising to around $82.20. Meanwhile, Ethereum’s price rose 4.3% in the last 24 hours, still trading below the $2,000 mark at around $1,907. Retail sentiment on Stocktwits around both altcoins remained in the ‘bearish’ zone over the past day.
Cardano (ADA) and Ripple’s XRP (XRP) saw gains of over 3% each in the last 24 hours. Dogecoin (DOGE) and Tron (TRX) rose more than 1.5% apiece, while Binance Coin (BNB) edged only 0.6% higher.
$216 Million In Short Bets Wiped Out
The overall cryptocurrency market rose 3.1% over the past day, climbing back above $2.3 trillion. The volatility, however, led to $344 million in leveraged bets being liquidated. CoinGlass data showed over $216 million in short positions and nearly $128 million in long positions were wiped out.
The uptick came alongside a recovery in software stocks and crypto miners’ shares. The iShares Software Sector ETF (IGV) closed the day 2% higher. On Stocktwits, retail sentiment around the fund moved to ‘bullish’ from ‘extremely bullish’ over the past day but chatter remained at ‘extremely high’ levels.
Read also: Michael Saylor Compares Bitcoin’s Slump To Apple, Amazon ‘Wilderness’ Years Amid MSTR’s $9B Paper Losses
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