Bitcoin Reclaims Its Throne While Altcoins Can't Even Find the Door 🚪

Bitcoin rose Thursday, with its market dominance climbing to 59% from last week's low of 57.9%, as capital rotated back into the largest cryptocurrency while major altcoins struggled below their 200-week moving averages. The BTC price advanced 2.4% in 24 hours to trade near $62,846.28, while the CoinDesk 20 Index added 2.3% to 1,690 and the CoinDesk Memecoin Index led gains with a 2.7% increase. Ether (ETH), solana (SOL) and XRP all traded below the key technical level that bitcoin continues to hold, a divergence that underscores weakening momentum in the altcoin complex.

Outside the top tier, lesser-known tokens posted outsized returns. Audiera's BEAT token jumped 57% in 24 hours, taking its seven-day gain above 500%, after the BNB Chain-based Web3 entertainment and rhythm gaming platform reported surging onchain activity, consistent token burns and rising wallet participation. Velvet's VELVET token surged roughly 800% over 30 days. On social media, some users have raised concerns about concentrated token ownership in BEAT and potential pump-and-dump dynamics.

Derivatives markets showed ongoing risk reduction. Over the past 24 hours, exchanges liquidated $378 million in positions, with more than $207 million coming from long liquidations. Open interest in bitcoin and ether futures held largely stable, indicating muted appetite for fresh leverage, while zcash (ZEC) open interest fell to 2.28 million tokens, extending a pullback from recent highs above 2.5 million. ZEC's recovery from Friday's sub-$300 low has stalled, with the token retreating from $480 to around $430 in two days.

Implied volatility remained steady, with bitcoin and ether puts trading at a premium to calls as traders positioned for hedging rather than a volatility spike around SpaceX's expected IPO. The 24-hour open-interest-adjusted cumulative volume delta presented a mixed picture across venues, reflecting the cautious tone that has defined the session.