BTC and Major Altcoins Edge Higher Amid Precious Metals Rally
BTC and several major altcoins experienced modest gains during quiet Sunday trading, with Bitcoin hovering around $87,872 and Ethereum near $2,940. XRP, SOL, and DOGE each rose approximately 1.1% to 1.3%.
The total cryptocurrency market capitalization increased by 0.8% over the past 24 hours to reach $3.06 trillion. Bitcoin's price remained range-bound between roughly $86,500 and $90,000, with support near $87,500 and resistance close to $87,900 amid relatively thin weekend liquidity.
On-chain metrics from Glassnode show a short-term holder (STH) cost basis of $99,900, an active investors' mean cost near $87,700, a true market mean at about $81,100, and a realized price of $56,200. Bitcoin's spot price near $87,800 suggests many newer buyers remain underwater relative to the STH cost basis, implying that rallies toward that level may face selling pressure.
The active investor mean aligns closely with the current price, indicating recent coin movement and supporting sideways price action in the near term.
The broader macroeconomic focus is drawn to a rally in precious metals, with silver up approximately 155% year-to-date and gold rising about 72% year-to-date. Observers note parallels to 1979 inflation dynamics.
Analyst Fred Krueger discussed Bitcoin and silver chart relationships, noting potential divergences. He argued that silver lacks Bitcoin's network effects and that silver's supply could respond quickly to demand changes, factors likely influencing investor decisions.
