The cryptocurrency market faces another price decline and trading volume downturn. The total market capitalization stands at $3.71 trillion, with various altcoins responding differently to current trends.
Overview of Current Price Changes
The cryptocurrency market capitalization has dropped by 0.61%, totaling $3.71 trillion. Trading volume fell by 7.62%, reaching $136.56 billion. As of now, Bitcoin is trading at $114,127, down 3% in the last 24 hours, while its market share increased slightly to 61.07%.
Market Leaders and Laggards
Some altcoins managed to show gains. Pump.fun (PUMP) surged by 8.45%, reaching $0.003385, with a trading volume of $454.8 million. Cronos (CRO) saw a slight increase of 1.34%, trading at $0.1394. Conversely, Tezos (XTZ) experienced the steepest decline, falling by 7.61% to $0.7558, with a trading volume of $41 million. Bonk (BONK) slipped by 6.78% to $0.00002374.
Reasons for the Market Drop
Current volatility can be attributed to several factors. The cryptocurrency market is closely tied to U.S. tech stocks, showing an 85% correlation with the Nasdaq-100. The slowing stock markets have also impacted the cryptocurrency market negatively. Over $36 million in Bitcoin liquidations triggered a ripple effect among altcoins. Additionally, diminishing interest in the SEC's staking ETF exemption contributed to sell-off reactions among investors. Overall market sentiment appears cautious, leading to potential sharp price fluctuations.
The current cryptocurrency market situation highlights increased volatility and investor caution. While a few altcoins show slight gains, the overall trend remains negative.
