Crypto Markets Today: Bitcoin Holds $103K as Altcoins Lag and Traders Hedge Downside
Bitcoin stabilized near $103,000 while altcoins struggled, leading to increased downside hedging by traders.Summary
Bitcoin is currently trading around $103,000, showing a modest daily gain but remaining in a technical downtrend since its October high of $126,000. The broader altcoin market is underperforming, evidenced by Bitcoin's dominance rising back to 60%, with tokens like ENA and APT falling over 20% this week, partly due to a strengthening U.S. dollar. Derivatives markets show caution, with over $300 million in leveraged positions liquidated, and some traders buying $80,000 BTC put options as a hedge. Separately, the decentralized exchange Hyperliquid is debating a governance proposal (HIP-5) that would divert a portion of exchange revenue to support ecosystem tokens, a move critics fear could lead to abuse, while Zcash adoption continues to grow in the privacy sector.
(Source：CoinDesk)