The cryptocurrency market experienced a sudden fall, losing over $110 billion in the last 24 hours. This decline affected the majority of crypto assets, indicating selling pressure and risk aversion among investors.
Market-Wide Drop in the Cryptocurrency Market
According to Watcher.Guru, the general direction of the market remains bearish with most assets losing ground. The largest cryptocurrency, Bitcoin (BTC), fell by -2.21% during the period. Despite this, BTC performed somewhat better compared to other cryptocurrencies.
Heavy Selling Pressure on Altcoins and Small-Cap Cryptos
Altcoins performed worse with increased market volatility. Meme coins, including Dogecoin (DOGE), fell by -8.18%. Smaller capital crypto-assets were hit the hardest, with some losing more than -10% in value.
Potential Causes Behind the Market Downturn
The sell-off reflects a shift in market sentiment that might be driven by macroeconomic factors, regulatory events, or declines in risk assets as a whole.
Market sentiments remain mixed as investors and traders assess recent events and their impact on cryptocurrency valuations.
