Bitcoin is struggling to regain a foothold above $70,000 as altcoins outperform.
The largest cryptocurrency is little changed over 24 hours, while the broader CoinDesk 20 (CD20) index rose 0.40% even as ether declined. Memecoins are leading gains, with the CoinDesk Memecoin Index (CDMEME) adding 1.5% as PIPPIN climbed 46%.
Tokens linked to artificial intelligence (AI) also fared well. , co-founded by OpenAI CEO Sam Altman, rose more than 3% in the past day, while Virtuals’ VIRTUAL token rose 2.4%. That's as the "agentic AI," where AI tools now also execute tasks, narrative grows.
Still, the crypto Fear and Greed Index still points to “extreme fear” in the market after last week’s selloff.
Meanwhile, traditional markets steadied, buoyed in part by Prime Minister Sanae Takaichi’s landslide election victory in Japan. While Japanese bond yields rose after the result, they have since fallen near to pre-election levels. That reduces the risk of trillions of dollars invested overseas moving back to Japan in search of higher yields.