Bitcoin and ether are the only CoinDesk 20 members in positive territory as altcoins face falling open interest and weak momentum.
Bitcoin’s price rose 0.9% in the past 24 hours to $64,700, while ether also posted gains, reflecting renewed investor confidence in major tokens amid broader market uncertainty. Altcoins, however, have struggled, with open interest declining 15% over the past month, according to CoinMarketCap data. XRP’s price fell to $1.04 despite a 5% increase in open interest to 2.23 billion tokens, highlighting diverging trends in the sector.
Derivatives data suggest cautiously bullish sentiment for bitcoin, with futures open interest rising to 770,000 BTC. This contrasts with weaker momentum for altcoins, where traders appear to be shifting capital toward more established assets. Zaheer Ebtikar of Plasma noted that altcoins are “struggling without aggressive support from bitcoin momentum,” as investors prioritise liquidity and stability.
NEAR’s recent introduction of a stake-to-compute model, which ties its token to AI computing power, has drawn attention but remains unproven. Its token trades at $1.68 with a $2.19 billion market cap, though analysts caution that success depends on sustained real demand. Leo Fan of Cysic observed that “credits aren’t the same as usage,” warning that the model’s viability hinges on whether developers continue paying fees after initial incentives wane.
Market observers remain divided on whether AI-linked capital spending reversals could revive crypto enthusiasm, though such outcomes remain speculative. For now, the dominance of bitcoin and ether in the CoinDesk 20 index underscores a broader trend of risk aversion among traders, who are favouring assets with deeper institutional backing and clearer use cases.
Written by Oliver Grant
Markets Desk
