Crypto Market Shows Modest Recovery with $3.28 Trillion Market Cap
Crypto Market Volatility – The crypto market has shown a modest recovery today, with its total market capitalization increasing by just 0.19%, reaching $3.28 trillion. Despite this slight uptick, the market remains cautious, as seen in the 7.81% decline in intraday trading volume, which now stands at $139.18 billion. This subdued activity has also impacted the Fear & Greed Index, which currently rests at a neutral score of 48, reflecting the cautious sentiment among investors and traders.
Bitcoin Faces Resistance as Treasury Yields Rise
Bitcoin (BTC) continues to struggle as rising treasury yields and a stronger US dollar hinder its progress towards the $100,000 mark. Over the past 24 hours, BTC saw a marginal increase of 0.44%, reaching $94,103.99. The trading volume for Bitcoin dropped by 4.75%, amounting to $57.79 billion, while its market capitalization remains steady at $1.86 trillion. Bitcoin also saw an inflow of $34 million from ETFs yesterday, indicating some investor interest, but the overall market sentiment suggests that Bitcoin is still waiting for the bulls to make their move on the daily charts.
Altcoins Performance: Mixed Trends with XRP Gaining
Among altcoins, there was a mix of performance today. Ethereum (ETH), the second-largest cryptocurrency by market cap, saw a slight dip of 0.24%, trading at $3,235.44. Solana (SOL) also faced a decline of 1.71%, dropping to $185.52. On the other hand, XRP managed to stand out with a 2% gain, reaching $2.33. These mixed trends underscore the ongoing volatility in the altcoin space, which continues to experience fluctuations in both directions.
Top Gainers and Losers in the Crypto Market
The market also witnessed notable movement in some mid-cap coins. Among the top gainers, Bitcoin SV (BSV) saw a 14.38% increase, trading at $59.53, while IOTA surged by 11.03% to $0.3401. Fantom (FTM) also rose by 6.16%, reaching $0.6952. On the downside, VIRTUAL and SPX6900 were among the top losers, experiencing declines of 9.52% and 6.52%, respectively.
The rise of BSV and IOTA indicates a renewed interest in mid-cap cryptocurrencies, while the drop in VIRTUAL suggests short-term bearish pressure in the market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment