Despite the cryptocurrency market’s recovery, crypto-linked equities continued to trade in the red during early morning hours.
Solana (SOL), meme token Dogecoin (DOGE), and Ethereum (ETH) led gains among the top tokens in early morning trading on Wednesday as Bitcoin (BTC) rose back above $111,000.
Bitcoin’s price edged 0.6% higher in the last 24 hours, still 10% below its recent record high of over $124,000, but no longer in the red after the weekend flash crash extended to Tuesday trading. On Stocktwits, retail sentiment around the apex cryptocurrency improved to ‘neutral’ from ‘bearish’ territory over the past day, but chatter dipped to ‘normal’ from ‘high’ levels.
However, Ethereum was outperforming Bitcoin at the time of writing. Ethereum’s price gained 3.3% in the last 24 hours to trade at over $4,500. Retail sentiment around the second-largest cryptocurrency by market value continued to trend in ‘bullish’ territory over the past day amid ‘high’ levels of chatter.
Meanwhile, Solana and Dogecoin led gains among the top altcoins. Solana’s price jumped more than 8% in the last 24 hours, while Dogecoin’s price gained more than 4%. On Stocktwits, retail sentiment around Solana trended higher within ‘bullish’ territory amid ‘high’ levels of chatter. Retail sentiment around Dogecoin, however, remained in’bearish’ territory over the past day.
Major altcoins Ripple’s native token XRP (XRP) and Cardano (ADA) were also in the green. XRP’s price gained 3% and Cardano’s price was up 1.8% in the last 24 hours.
On the equities side, Bitcoin-linked stocks were mainly in the red during pre-market trading. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.3% lower. Bitcoin miner Riot Platforms (RIOT) stock dropped 0.5%, while shares of its peer, Mara Holdings (MARA), fell 0.4%.
Shares of Canadian miner Hut 8 (HUT) edged 0.35% lower after recording a 10% jump in the previous session following its announcement to build four new Bitcoin mining sites in the U.S. and add 1.5 gigawatts (GW) of capacity. Crypto exchange Coinbase Global’s (COIN) stock traded flat.
Shares of healthcare company KindlyMD (NAKA) were also in the red after the stock fell 12% in the previous session following the company’s announcement of a $5 billion at-the-market (ATM) equity offering program to raise funds to fund its Bitcoin purchases. NAKA’s stock was down 1.2% at the time of writing, with retail sentiment on Stocktwits in the ‘bearish’ zone.
Shares of Ethereum-holding companies, Bitmine Immersion Technologies (BMNR) and FG Nexus (FGNX), were mixed during pre-market trade. BMNR’s stock dipped 4.3%, while FGNX’s stock rose nearly 9.75%.
As the crypto market simmered down, just $262 million in liquidations occurred over the past 24 hours, according to Coinglass data. Short liquidations, at $158 million, were slightly higher than long liquidations, which totaled around $104 million. Ethereum experienced the largest liquidations of $772,000.
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