Crypto News Today | Cryptocurrency Market Witnesses Downturn Despite Majority of Tokens in Opportunity Zone

Crypto News Today | Cryptocurrency Market Witnesses Downturn Despite Majority of Tokens in Opportunity Zone

Crypto News Today – The global cryptocurrency market has experienced a significant downturn, coinciding with data from Santiment indicating that a majority of tokens are currently situated within the opportunity zone.

According to statistics from CoinGecko, the global crypto market capitalization has decreased by 4.1% within the past 24 hours, resting at $2.49 trillion presently. Despite this decline, daily trading volume has surged by 16%, hitting $99.1 billion.

Heightened trading volume typically introduces greater volatility into the market. Additionally, leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have both seen declines, with BTC dropping by 3.5% and ETH by 2.6%.

At the time of writing, BTC is trading at $64,250 while ETH hovers around $3,150. Notably, Bitcoin ETFs have witnessed an outflow of $120.6 million over the last day, as reported by Farside Investors. The BlackRock IBIT Bitcoin ETF specifically experienced a day with zero inflow for the first time since its launch in the U.S.

Moreover, the Grayscale Bitcoin Trust (GBTC) observed a net outflow of $130.4 million on April 24th, potentially contributing to the prevailing bearish sentiment across the market.

Conversely, Santiment’s data reveals that more than 85% of assets listed on their platform are currently within the opportunity zone. The Market Value to Realized Value (MVRV) ratio across one-month, three-month, and six-month cycles has signaled a buy opportunity, as shared in an X post by the market intelligence platform.

Despite these indicators, there’s a growing sense of apprehension among investors following these successive market cap declines. Santiment notes that “buy the dip” sentiments have surged on social media platforms, constituting 35.97% of total crypto conversations.

The majority of this social activity originates from Reddit and X, with Telegram and Bitcointalk contributing a smaller share, according to Santiment’s data.