Celestia (TIA), Helium (HNT) lead gainers as Bitcoin retests $55k

While the altcoins that gained the most value among the top 100 cryptocurrencies in terms of market value were Celestia and Helium, the price of Bitcoin recovered by testing the $ 55,000 limit.

After cryptocurrency prices fell sharply in the Asian session on August 5, the market saw some relief in the US session.

Bitcoin (BTC) pared its 24-hour losses after recovering from daily lows below $50,000, with the recovery helping some altcoins. Notable among the gainers were Celestia (TIA) and Helium (HNT), both of which posted double-digit gains before trimming them slightly amid potential profit-taking.

Cryptocurrency market intelligence platform Santiment says the gains have shifted the crowd’s sentiment to other cryptocurrencies rather than Bitcoin and Ethereum, which have been the focus amid a sharp sell-off in the market.

🗣️📊 Bitcoin and Ethereum were unsurprisingly the primary focus of the crowd. But when crypto price rallies occurred, it was the more speculative assets that soared while the crowd ignored them.

Trading 101: Buy on dips in less crowded times and sectors. 👍 pic.twitter.com/CXGTI6GsrJ

— Santiment (@santimentfeed) August 5, 2024

Marketwide, liquidations remain above $1 billion after a large number of bullish bets were wiped out during the crypto and stock crash. Coinglass shows crypto liquidations are still up more than 199% in 24 hours.

August 5 also witnessed the highest trading volume since March, when BTC rallied to send the cryptocurrency to a new all-time high.

The daily volume increase in cryptocurrencies, which traded over $244 billion in the past 24 hours and represented a 230% increase, mirrored the increase in stocks. Bloomberg shared an early snapshot of how U.S. stocks are shaping up in terms of volume.

Celestia, Helium top 100 coin gainers

Having traded as low as $4.04 earlier in the day, TIA is up 11.9% at press time topping $5.16. Helium, meanwhile, rallied 10% to top $4.7 before pulling back. Both tokens are seeing 24-hour volumes of over 120% as market weakness suggests there could be more ‘buy the dip’ opportunities in the coming hours.

Ondo Finance and Mantra were also experiencing upward momentum. Meanwhile, Lido DAO, Arbitrum, and Near Protocol were among the biggest losers of the day, down more than 12% in 24-hour declines, respectively.