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The cryptocurrency market cap is turning green as altcoins accelerate a recovery bounce, with Aster leading gains over the past 24 hours. However, analysts and prediction-market users are still signaling caution, describing the move as a bottoming phase rather than a clear reversal.
Aster, the native token of a perpetuals DEX, rose nearly 10% over the past 24 hours, making it the largest gainer among top-50 altcoins by market capitalization, according to CoinGecko data. Hyperliquid and World Liberty Financial also posted gains of 8.9% and 7.6%, respectively.
Broader altcoin performance improved as well, with several top-50 tokens recording increases of more than 5% over the same period. Reported gainers included Hedera, Zcash and Toncoin.
The rebound in altcoins partially reversed losses attributed to a strong labor market earlier. Experts told Decrypt that the odds of a U.S. rate cut fell after the U.S. added 130,000 jobs in January, pointing to a resilient economy and reducing pressure on the Federal Reserve to cut interest rates.
Attention is now focused on the inflation print scheduled for Friday, which could influence expectations for a rate cut.
Despite the earlier drag from macro data, the total crypto market cap bounced 1.4% over 24 hours to $2.39 trillion, supported by the broad altcoin recovery rally.
HashKey Group’s Tim Sun said the market is in a “grueling bottoming-out phase,” rather than a reversal. “The market has not yet seen a structural trend reversal,” Sun told Decrypt.
He added that while sentiment remains fragile and the risk of inertia-driven downward movement cannot be ruled out in the short term, “on-chain data and capital flows suggest that buying support is strengthening.” Sun also said that even if further corrections occur, the intensity of selling is likely to fade as downside potential and volatility converge during the bottoming phase.
On prediction market Myriad, users remain broadly pessimistic about near-term rate cuts. The likelihood of a 25bps-or-more cut before July is 33%, down 7% from Tuesday.
Investor sentiment also appears fearful. Myriad users assign a 57% chance that Bitcoin’s next move could take it to $55,000 rather than $84,000.
For Hyperliquid’s token (HYPE), Myriad users still show a weak outlook. They put the probability of HYPE’s next move taking it to $26 rather than $41 at over 65%, up from under 60% on Monday.
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