The cryptocurrency market is experiencing a significant downturn today, with 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, indicating a shift towards fear-driven sentiment.
Bitcoin Amid Market-wide Selloff
Bitcoin continues to dominate the market, accounting for 60.92% of the total market cap, and 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.
Ethereum and Solana Lead Altcoin Losses
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.
Top Gainers & Losers
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%. 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 current market correction is attributed to profit-taking, increased regulatory concerns, and shifting macroeconomic conditions. Bitcoin maintains a dominant position despite the broader selloff, and optimism remains high around XRP driven by ETF-related developments potentially boosting long-term growth.
