Bitcoin Flat As US GDP Rebounds In Q2; Ethereum, XRP, Dogecoin Slide: Analyst Says ‘Keep An Eye Out’ For This ETH Level To Confirm ‘Real Breakout’ – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Bitcoin consolidated on Thursday, while major altcoins fell, despite the U.S. economy posting stronger-than-expected results in the second quarter.

Bitcoin’s Dominance Narrows Further

Bitcoin continued to move sideways, while Ethereum dropped below $4,500, losing more than 10% since hitting a record high earlier this week. XRP and Dogecoin also traded lower.

Meanwhile, Ethereum’s market dominance rose to 13.9%, while Bitcoin’s share dropped further to 57.5%.

In a major development, the U.S. government put GDP numbers on blockchain for the first time, aligning with the broader push to make the country the “crypto capital of the world.”

Over $250 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for over 60%.

Bitcoin’s open interest rose 0.30% alongside its spot price. Additionally, top Binance traders i.e, top 20% users with the highest margin balance, reduced their long exposure to  Bitcoin in the last 24 hours.

The market sentiment remained “Neutral” as of this writing, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $3.86 trillion, up slightly by 0.08% in the last 24 hours.

Stocks Notch Record Highs

The S&P 500 climbed to new highs Thursday, closing up 0.32% at 6,501.86. Similarly, the Dow Jones Industrial Average rose 71.67 points, or 0.16%, to a closing record of 45,636.90. The tech-heavy Nasdaq Composite rallied 0.53% to finish at 21,705.16.

The spike comes after the U.S. GDP grew 3.3% in the second quarter, above the initial estimate of 3.1% and reversing the 0.5% contraction in the previous quarter. That makes it the strongest quarterly expansion since the third quarter of 2023.

Investors will likely turn their attention on Friday to the personal consumption expenditures price index report, considered the Federal Reserve’s preferred inflation gauge, for signals on rate cuts.

Is Ethereum’s Breakout Confirmed?

Blockchain analytics firm CryptoQuant noted that the percentage of Bitcoin’s supply in profit has reached the “historically critical threshold” of 90%.

“Bull phases are often accompanied by more than 90% of supply being in profit. Conversely, dropping back below this 90% threshold has very often marked the beginning of a corrective phase, whether short or long term,” CryptoQuant stated.

Widely followed cryptocurrency analyst and trader Daan Crypto Trades weighed in on Ethereum’s trajectory after the coin’s rejection from its 2021 highs.

“Keep an eye out for weekly closes above the previous all time high [$4,891.70] for confirmation of a real breakout,” the analyst said.

Photo Courtesy: Yalcin Sonat On Shutterstock.com

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