Crypto prices just took another hit as market pressure intensifies. The global market capitalization fell 0.61% to $3.71 trillion in the last day. With volume down 7.62% to $136.56 billion, trading activity also slowed.
Bitcoin’s market share increased little to 61.07% as the crypto performs better despite the decline. As of writing, Bitcoin traded at $114,127 having gone down 3% in the past 24 hours.
A few altcoins still managed to see some gains, though modest. Pump.fun (PUMP) took the lead among the top gainers, increasing 8.45% to reach $0.003385, with a solid daily trading volume of $454.8 million. Cronos (CRO) also saw a slight increase of 1.34%, now trading at $0.1394.
In the meantime, PancakeSwap (CAKE) saw a slight uptick of 0.47%, landing at $2.61 with a trading volume of $95.4 million.
Losers Drag Down the Market
On the downside, Tezos (XTZ) experienced the steepest decline, dropping 7.61% to settle at $0.7558, with a daily trading volume of $41 million. Ethena (ENA) wasn’t far behind, slipping 7.31% to $0.5611, even though it saw $685.3 million in trades.
Meanwhile, the meme favorite Bonk (BONK) fell by 6.78%, now valued at $0.00002374, but its trading volume held strong at $339.7 million.
What’s Fueling the Dip?
Several reasons were behind the current pressure. Crypto is closely tied to U.S. tech stocks, showing an 85% correlation with the Nasdaq-100. The cryptocurrency market is also suffering as the stock markets slow down.
Additionally, over $36 million in Bitcoin liquidations have caused a ripple effect across altcoins. And also, the weakening excitement around the SEC’s staking ETF exemption led to some “sell the news” reactions.
Lately, the market has been showing signs of investors becoming more cautious. While a handful of altcoins are seeing some gains, selloffs are becoming more pronounced in other areas. With all this, market sentiment is quite fragile, hence any quick changes can lead to some sharp price fluctuations.
Also Read: Blockchain-based xStocks’ Trading Volume Surpasses $2 Billion
