Instead of an elevator, Bitcoin seems to be taking the staircase to the almost $65k all-time high as Crypto Twitter (CT) gets increasingly convinced that we are in the second inning of the bull market.

BTC is currently trading above $46,500, up from $29,350 low on July 20, recording 56.6% year-to-date gains.

The next levels for the leading cryptocurrency to reach are $48k and $50k.

To start the week, the market found strength on Asia open, but the European and North American sessions saw sellers push most things lower, noted Delphi Digital.

Ether is also enjoying the support above $3,000 as it hovers around $3,250, up 333% YTD. ETHBTC has also been trading near 0.07 since earlier this month.

As we reported, the buzzing, however, has been around coins like SOL, YGG, and LUNA that are hitting fresh all-time highs while DeFi and meme coins are also enjoying a bounce.

SOL actually hit another ATH a couple of hours back at $74, currently in a euphoric mode and sitting at the 10th spot with a $20.8 billion market cap, a step under Polkadot (DOT), a $27 billion project trading at $26.55. SOL 6.28% Solana / USD SOLUSD $ 68.89
$4.33 6.28% Volume 4.36 b Change $4.33 Open $68.89 Circulating 286.44 m Market Cap 19.73 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=SOL&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 42 min Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 20 h Bitcoin Stays Above Critical 200-Day Moving Average as DeFi and Meme Coins Pump 1 d Fastest Horse of the Second Inning of Bull Run? Solana (SOL) Hits New ATHs Polkadot DOT $ 26.13 -1.30% +4.17% +22.21% baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=DOT&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); See Details

Projects from the Solana ecosystem like Audius (AUDIO) and Arweave (AR) are also enjoying gains. AUDIO 89.50% Audius / USD AUDIOUSD $ 3.27
$2.92 89.50% Volume 1.19 b Change $2.92 Open $3.27 Circulating 400.24 m Market Cap 1.31 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=AUDIO&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 42 min Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 1 d Fastest Horse of the Second Inning of Bull Run? Solana (SOL) Hits New ATHs 9 mon Blockchain-Based Music Streaming Platform, Audius, Moves to Solana Due to Scaling Issues on Ethereum AR 1.24% Arweave / USD ARUSD $ 22.76
$0.28 1.24% Volume 93.57 m Change $0.28 Open $22.76 Circulating 33.39 m Market Cap 760.19 m baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=AR&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 42 min Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 20 h Bitcoin Stays Above Critical 200-Day Moving Average as DeFi and Meme Coins Pump 1 d Fastest Horse of the Second Inning of Bull Run? Solana (SOL) Hits New ATHs

Ethereum, Terra, and Solana are also leading the way in the DeFi as the total value locked (TVL) in the sector reaches $148 billion, rapidly approaching new ATHs.

While not a perfect measurement of adoption, TVL does show “how much value people are entrusting to smart contracts,” said Ryan Watkins of Messari, noting Ethereum TVL has climbed to $116 billion, with Aave (AAVE) and Curve (CRV) being at the forefront. Compared to Terra’s $5 billion, Solana printed a new ATH at $2 bln. AAVE -1.31% Aave / USD AAVEUSD $ 436.08
-$5.71 -1.31% Volume 639.56 m Change -$5.71 Open $436.08 Circulating 12.95 m Market Cap 5.65 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=AAVE&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 2 mon Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 2 mon Software Provider Temenos Enables Crypto Trading for Banks 3 mon Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov CRV -2.31% Curve DAO Token / USD CRVUSD $ 2.19
-$0.05 -2.31% Volume 237.55 m Change -$0.05 Open $2.19 Circulating 395.69 m Market Cap 865.55 m baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=CRV&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 42 min Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 1 w Spot Volume Fell to Lowest Level of 2021; Derivatives Continue to Gain Market Share with NFTs 1 mon Digital Asset Bank Sygnum Now Offers Ethereum 2.0 Staking To Clients

Other popular chains include Polygon (MATIC) at $6 billion, which has drawn the attention away from BSC, which now only has $20 bln in TVL. MATIC -2.44% Polygon / USD MATICUSD $ 1.49
-$0.04 -2.44% Volume 1.3 b Change -$0.04 Open $1.49 Circulating 6.46 b Market Cap 9.65 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=MATIC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 42 min Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market 3 d Poly Network Declares the Hacker a “White Hat” After He Returns Almost All the Stolen $610 Mln 4 d Kimchi Premium Turns into A Discount, Binance Removes Korean Won Trading Pairs & Trading Options

As we have been reporting, the latest strength in the market has not been on the back of leverage which was very heightened in April and May, painting a bullish picture.

Currently, the market is gradually moving towards its peak without the leveraged long traders, just like when the market broke 2017 ATHs at the end of 2020 and the beginning of 2021.

As of writing, the highest funding rate on Bitcoin perpetual contracts is 0.02% on FTX, while on some exchanges like OKEx and BitMEX, it is still in the negative, according to Bybt. Traders are not in a rush to get long BTC, meaning frothy conditions are way off.

As for the open interest, it is currently at $16.53 bln on Bitcoin futures and $8.72 billion on Ether futures.

With price “moving at a faster pace than open interest, implying some degree of doubt from futures/perp traders that this rally is real. Or in crypto terms — a lack of FOMO,” said Delphi Digital.

While ETH’s structure looks fairly similar to Bitcoin, the difference between price and open interest growth is a little wider. This lower leverage implies a healthier market with less fuel for liquidations and stop hunts.

In the options market, premiums increased as people bought calls to speculate on the upside, but implied volatility also increased significantly that could signal the market’s expectation of near-term pullback, it added.

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