$BTC and other cryptocurrencies fell early Thursday as a range of crypto-specific and broader macroeconomic factors pulled prices in different directions. The result was mostly muted, though the second largest coin Ether, was the outlier.
The price of the world’s largest cryptocurrency, Bitcoin, is down 0.3% over the last 24 hours to $108,588, according to CoinDesk data. Altcoins $XRP and $SOL
were also under pressure, falling just under 1% respectively.
The tepid performance comes after Bitcoin reached a record high of more than $111,000 last week. Much of the industry gathered in Las Vegas for a key Bitcoin conference this week, including President Donald Trump’s sons and advisors touting the perks of cryptos.
Ether however, the native coin of the Ethereum blockchain, is up 3.4% to last trade at $2,732. The token is now up about 50% in the past month, according to CoinDesk.
“$ETH’s recent surge is not just about price—it’s a reflection of capital rotation and structural realignment,” said Jag Kooner, Head of Derivatives at Bitfinex, a crypto exchange. One key catalyst was the announcement from SharpLink, a sports marketing company, that it would create an Ethereum treasury reserve with help from the blockchain’s co-founder Joseph Lubin, Kooner added.
“[Ether] has taken the spotlight as it soars to its highest level since February, driven by vibrant DeFi [decentralized finance] activity, corporate interest, and institutional staking,” said LMAX strategist Joel Kruger. Crypto staking refers to the practice of locking digital tokens to a blockchain such as Ethereum in exchange for rewards.
