Mainstream cryptocurrencies are largely trading sideways on Wednesday morning. According to CoinGecko data, the top 15 cryptocurrencies by market cap have increased in value over the past 24 hours overall.

Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and Solana (SOL) were all slightly higher during early trading in New York. BTC was trading at $109,659, up approximately 0.7% on the day. Meanwhile, ETH, XRP, and SOL gained between 2% and 4% over the previous 24 hours.

Despite these small gains, analysts note that the assets remain largely contained within specific trading ranges. Bitcoin’s price has oscillated between roughly $107,000 and $110,000 for several weeks, closing out the past 30 days roughly 1.5% higher but still below its all-time high. Ethereum trades near $2,500 and Solana near $150, reflecting sideways movement over the last month.

Broader market capitalization figures show a slight dip, falling 3% in the last day to around $3.45 trillion. However, the market remains significantly higher than its levels seen at the beginning of April.

Analysts point to ongoing U.S. negotiations regarding potential tariffs as a key factor providing background noise but not fundamentally moving prices. President Donald Trump sent letters to 14 trading partners earlier this week announcing proposed tariff rates between 25% and 40%, set to take effect on August 1 if negotiations conclude.

Despite the market-wide feeling of risk aversion that often accompanies such announcements, established digital assets like Bitcoin have shown remarkable resilience. Analysts suggest this is because a significant portion of market participants isn’t interpreting these threats as immediate selling signals but rather as catalysts for buying once perceived as resolved.

Investor sentiment appears focused on macroeconomic hedging strategies. Analysts surveyed by Decrypt noted that many investors are actively utilizing options trading to hedge against broader market uncertainties surrounding the U.S. trade negotiations.