The cryptocurrency market is currently losing its momentum, with a broad sell-off pushing prices down across the board. The total market capitalization has fallen by 3.16% to approximately $3.84 trillion, with a 24-hour trading volume of $228.04 billion.
The market’s decline is being led by its two largest assets. Bitcoin (BTC) has seen a 3.17% drop, trading at $111,092.31. The retreat comes after a brief weekend rally, with analysts pointing to several factors for the correction, including significant selling pressure from large-scale holders, known as “whales,” a notable increase in miner capitulation, and a broader market downturn.
Similarly, Ethereum (ETH) has also declined, falling by 3.16% to a current trading price of $4,592.55. Data from CoinMarketCap shows that during the Asian trading hours, ETH reached a price of $4,950.20 before a sudden drop to $4,729.51. This price action, despite an increase in trading volume, reflects heightened volatility and profit-taking after its recent highs.
Crypto Price Performance of Top 10:
- Bitcoin (BTC): Trading at $111,092.31, with a 24-hour trading volume of $81.03 billion. Bitcoin has seen a decline of 3.17% over the last 24 hours.
- Ethereum (ETH): Trading at $4,592.55, with a 24-hour trading volume of $3.16129.61 billion. Ethereum has also declined by 3.16% in the past 24 hours.
- XRP: Trading at $2.95, with a trading volume of $7.69 billion. XRP has registered a fall of 2.03% in the last 24 hours.
- BNB: Trading at $857.36, with a trading volume of $3.12 billion, representing a 0.41% decline over the past 24 hours.
- Solana (SOL): Trading at $197.16, with a trading volume of $13.55 billion, reflecting a 3.16% decline.
- TRON: Trading at $0.3529, with a trading volume of $1.7 billion, indicating a 3.27% drop in trading.
- Dogecoin (DOGE): Trading at $0.2198, with a trading volume of $4.02 billion, which is a 4.26% decrease.
- Cardano (ADA): Trading at $0.8674, with a trading volume of $2.87 billion, showing a decline of 3.03%.
- Chainlink: Trading at $24.42, with a trading volume of $2.2 billion, reflecting a 4.48% decrease.
- Hyperliquid: Trading at $45.62, with a trading volume of $15.23 billion, representing a 4.75% increase.
Top Five Trending DexScan Tokens:
Market Sentiment:
The market’s sentiment, as measured by the Crypto Fear and Greed Index, is currently at 50, indicating a neutral stance. This suggests a balance between fear and greed, with investors lacking a clear directional conviction.
Furthermore, the Altcoin Season Index is at 47 out of 100, which confirms that Bitcoin’s performance is still dominating the market and capital is not yet flowing heavily into altcoins.
As of the last 24 hours, the bearish movement has caused traders to lose big as the total liquidations stand above $866.16 million. WIth 67,609 traders liquidated, the largest single liquidation order happened on OKX – BTC-USDT-SWAP value $12.49M.
Also Read: Whales Move to Ethereum, Bitcoin Retreats Near $112,700 Mark
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