The cryptocurrency market is experiencing a strong downturn today, with the global market capitalization shrinking to $3.26 trillion after a 3.76% drop in the past 24 hours. Trading volume, however, has increased by 3.72%, reflecting growing market activity amid selling pressure. The Fear & Greed Index has dropped to 35, signaling a shift towards fear-driven sentiment as traders react to the downturn.
Bitcoin continues to dominate the market, accounting for 60.92% of the total market cap. However, the asset has not been immune to the broader decline, slipping 1.4% in 24 hours. While Bitcoin managed to touch a 24-hour high of $99,131.99, increasing sell pressure has pushed the price lower to $96k, contributing to the market’s bearish mood.
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Ethereum has been one of the hardest-hit major altcoins, sliding 5.2% to $2,699.81. Solana followed suit, declining 6.1% as traders rushed to off-load riskier assets. Meanwhile, XRP has struggled, shedding 6.5% despite renewed optimism around its ETF filings.
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Despite the market’s free fall, a few tokens have managed to defy the trend. Berachain skyrocketed to the 82nd rank by an astonishing 662.50%, leading the market in gains. XAUt, a gold-backed coin, posted a modest 0.59% increase, while TRX recorded a 0.34% gain.
On the losing side, ENA dropped 11.13%, WIF declined 10.89%, and PENGU fell by 10.43%, making them the worst performers of the day.
The market is experiencing a correction due to profit-taking, increased regulatory concerns, and shifting macroeconomic conditions.
Yes, Bitcoin maintains a strong dominance at 60.92%, despite the broader selloff.
Despite recent declines, optimism remains high around XRP, especially with its ETF-related developments potentially driving long-term growth.
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