Bitcoin held near weekly highs on Thursday as market concerns eased, while most altcoins remained quiet. The crypto market shows early signs of recovery despite broader downtrends.
Bitcoin traded around $93,500, and Ether climbed to $3,200 following the Fusaka upgrade. The Fear & Greed Index rose to 27/100, leaving the “extreme fear” zone and indicating growing optimism.
Despite recent gains, Bitcoin and most altcoins remain in downtrends since early October, forming lower highs and lower lows. Analysts say Bitcoin would need to break above $98,500 to signal a meaningful bullish reversal. The CoinDesk 20 (CD20) Index added 1.13% in the past 24 hours, building on Tuesday’s rally.
Derivatives Update
- Bitcoin’s 30-day implied volatility (BVIV) dropped to 48.44%, the lowest since Nov. 14, after a spike to 65% on Nov. 21.
- Ether volatility fell to 72%, the lowest since Nov. 3.
- BTC puts continue to trade at a premium over calls, while Ether options show slight bullishness after August 2026.
- The $100K BTC call remains the most popular options play with $2.82B in open interest. Strangles dominate block flows for both BTC and Ether.
- Futures activity shows ZEC OI up 6%, ETH OI up 4%, and FART OI up 22%, reflecting speculative trading.
Altcoin Market
Altcoins remain mostly subdued. CoinMarketCap’s “altcoin season” indicator fell to 20/100. TAO, ENA, and AVAX posted gains of 4.5%–8.5%, while Hedera (HBAR) fell 3.8% as trading volume declined 15% to $245M.
Compared to late 2024, when memecoins and decentralized derivatives dominated, the altcoin market has matured, with performance increasingly tied to development. Privacy coins, which rallied from September through November, are now correcting: ZEC down 29.4% and DASH down 22% over the past week.
