With Bitcoin's price nearing $104,440, the cryptocurrency market capitalization reached $3.24 trillion.
As SEI surged, ETH and XRP also rose.
The stocks with the biggest declines for the day included SPX6900, Fartcoin, and Aerodrome Finance.
The cryptocurrency market continues to show resilience, with Bitcoin (BTC) testing levels above $106,000, while Ethereum (ETH) and XRP maintain key levels above.
Meanwhile, SEI outperformed its peers due to a major news release that injected bullish momentum.
However, due to the negative sentiment across the market caused by the Middle East conflict, Wall Street's tug-of-war has also led to BTC and top altcoins reducing their gains amidst some downward fluctuations.
Broader cryptocurrency market overview
The global cryptocurrency market capitalization hovers around $3.24 trillion, having only increased by 0.18% at the time of writing.
Additionally, according to CoinMarketCap data, global daily trading volume fell by 7.6% to approximately $89.4 billion, with the cryptocurrency fear and greed index remaining neutral amid cautious market sentiment.
In other aspects, due to geopolitical uncertainty and concerns over leveraged position liquidations, the total liquidation reached $197 million, growing by 57% within 24 hours.
The outlook for cryptocurrencies largely reflects Wall Street's performance, with the stock market rising on Friday after President Donald Trump decided to postpone military action against Iran, easing concerns over escalation.
However, despite Fed Governor Christopher Waller suggesting maintaining interest rates, with expectations of two rate cuts in 2025, risk appetite has not strengthened. U.S. stocks remained flat, and cryptocurrencies also retraced their gains.
Earlier that day, analysts from QCP Group shared their outlook on the market.
Bitcoin retraced gains after soaring to $106,000.
Bitcoin surged to $106,539 during Friday's morning trading, but then retraced its gains, trading close to $104,440 at the time of writing.
As mentioned above, this increase aligns with a broader rise in the stock market, with the S&P 500 and Nasdaq indices rising after Trump implemented downgrade measures.
Waller's speech emphasized cautious monetary policy, indicating that the Federal Reserve might cut rates as early as July. Although these developments boosted Bitcoin (BTC)'s rise, bearish pressure remains.
QCP analysts made the following comments on Bitcoin prices:
The cryptocurrency market remains calm, but the risk sentiment behind it is changing. The risk reversal for BTC and ETH favors downward, indicating that the market is actively hedging. ETH's implied volatility in June has dropped below September, a rare reversal signaling that short-term event risks are fading.
ETH and XRP rise
Ethereum's price rebounded from a 24-hour low of $2,486 to $2,569. Bears may target new lows, but bulls remain strong. Recent ETF inflows, with BlackRock's ETHA recently increasing holdings by $600 million, have pushed the ETH staking volume to a historic high of 35 million, highlighting institutional investor interest and a decrease in liquidity supply.
On another note, XRP briefly rose to $2.17 before retracing its gains. Although it failed to break through $2.30, bulls still showed strength above $2. Positive sentiment from the approval of a Canadian XRP spot ETF, along with Ripple's increasing role in cross-border payments, bolstered its resilience.
SEI leads the gains
SEI's price soared over 15% in Friday's morning trading, leading the top 100 cryptocurrencies by market capitalization.
Driven by the announcement of a stablecoin initiative supported by Wyoming by Sei Network, SEI's price rose to a high of over $0.21.
Other noteworthy performers include Story and GateToken.
Today's cryptocurrencies with the biggest declines
Despite the apparent rebound in cryptocurrencies, some of the top 100 cryptocurrencies have plummeted.
SPX6900 fell nearly 12%, Fartcoin dropped 9%, and Aerodrome Finance decreased by 6%. Profit-taking seems to be the main catalyst, as SPX and AERO were among the top gainers earlier this week.
