Leading cryptocurrencies held steady Thursday as the market warmed up to a Bitcoin re-accumulation trend.

Bitcoin dived to $91700 early morning on profit-taking but regained the $93000 by the afternoon. Overnight momentum lifted it briefly past $94000.

Cryptocurrencies held steady Thursday as the market warmed up to a Bitcoin re-accumulation trend, signaled by surging outflows from exchanges.

What Happened: Bitcoin slid to $91,700 early morning on profit-taking but regained the $93,000 level by the afternoon. Overnight momentum pushed it past $94,000.

Ethereum remained in a narrow range below $1,780 throughout the day. Both market heavyweights recorded a sharp fall in trading volumes.

Bitcoin’s market dominance stood at 63.4%, up from 60.5% the previous month, indicating continued demand for the leading asset.

About $276 million was liquidated from the cryptocurrency market in the last 24 hours, with short position traders losing more than those placing longs.

Bitcoin’s Open Interest increased by 0.95% in the last 24 hours, marking a second straight day of modest gains. Over the week, though, the leverage has surged by 18%.

The majority of Binance traders with an open Bitcoin position continued to bet against the cryptocurrency, as indicated by the Long/Short Ratio.

The market mood was one of “Greed,” according to the Crypto Fear and Greed Index, signaling optimism and growing demand.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization now stands at $2.94 trillion, following a marginal increase of 0.40% in the last 24 hours.

Stocks moved north for the third consecutive day. The Dow Jones Industrial Average popped 486.83 points, or 1.23%, to close at 40,093.40. The S&P 500 lifted 2.03% to reach 5,484.77. The tech-focused Nasdaq Composite spiked 2.74% to close at 17,166.04.

The surge followed strong gains in tech heavyweights Nvidia Corp. NVDA and Tesla Inc. TSLA, which closed 3.62% and 3.50% higher, respectively, on Thursday.

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Analyst Notes: Blockchain analytics firm CryptoQuant observed a sharp spike in Bitcoin outflows from exchanges, indicating re-accumulation.

“The 100-day moving average of Bitcoin netflow from exchanges has dropped to its lowest level since February 2023. This essentially indicates the highest Bitcoin outflow from exchanges since that date,” the firm added.

The highest Bitcoin outflow from exchanges since February 23rd "A review of historical patterns suggests that this could imply re-accumulation of assets by investors." – By @CryptoOnchain Read more ⤵️https://t.output: