Crypto Markets Today: IP Token Surges on Corporate Treasury Adoption

The crypto market was steady early Wednesday, with bitcoin (BTC) bouncing back above $112,000. Smaller coins like IP, MNT and PUMP posted double-digit gains over the past 24 hours, lifting CoinMarketCap's altcoin season index to almost 60% in a signal that the season has probably ￰0￱ Protocol's IP token rose to over $10 as Heritage Distillery, one of the companies to adopt altcoins as treasury assets, refined strategy to build IP ￰1￱ are looking to tomorrow's ￰2￱ data to set the tone for the next big move in asset prices. "With inflation and jobs revisions intersecting, market sentiment in the short term still favors rate-cut optimism," analysts at Bitunix said in an email.

"If data stays within a moderate range, risk assets could see rebound potential. However, if inflation overshoots expectations, dollar strength may pressure BTC and ￰3￱ levels to watch: BTC 108,800 support and ETH 4,250 support." Derivatives Positioning By Omkar Godbole BTC's futures open interest (OI) has remained steady over the past 24 hours as traders sit on the sidelines ahead of tomorrow's ￰4￱ ￰5￱ in ETH, SOL and HYPE has increased by over 2%, while XRP, SUI, ADA, and ENA have seen capital ￰6￱ funding rates for top coins except TRX and XLM are hovering at or above 10%, indicating a bullish bias but nothing out of ￰7￱ other words, there are no signs of excess leverage buildup or ￰8￱ the CME, notional open interest in BTC options has climbed to a record $5.6 billion, while activity in futures remains ￰9￱ Deribit, BTC and ETH puts out to December expiry continue to trade at a premium to calls, indicating lingering downside ￰10￱ flows at OTC desk Paradigm featured a long position in the ether $4,000 put expiring on ￰11￱ Talk By Oliver Knight The crypto market has entered "altcoin season" despite sentiment remaining in bearish territory.

CoinMarketCap's altcoin season index has ticked up to 59/100, topping August's high of 57 as capital continues to rotate into the more speculative ￰12￱ intelligence platform Santiment noted that while prices are moving to the upside, sentiment is becoming more negative. "Traders have changed their tunes, swinging more and more negative with expectations of bitcoin falling back below $100K, Ethereum back below $3.5K, and altcoins going through a retrace period," Santiment wrote on ￰13￱ remain unperturbed with mantle (MNT) and pyth (PYTH) leading the way, gaining 15% and 10%, respectively, over the past 24 ￰14￱ (BTC), the largest cryptocurrency in terms of market cap, continues to languish around $112,500.

Previous altcoin seasons have occurred when bitcoin consolidates as traders rotated capital to speculative assets without the risk of missing out on a major BTC ￰15￱ has been trading between $107,000 and $113,000 for more than two weeks after failing to break beyond $124,000.