The cryptocurrency market is experiencing a significant downturn, with major assets like Bitcoin and Ethereum leading a widespread decline. The total market capitalization has fallen to $3.02 trillion, marking a 0.64% decrease, while the 24-hour trading volume has plunged by 29.71% to $98.79 billion.
Bitcoin (BTC) has dropped below the psychologically important $90,000 level, trading at $89,423.82, a decline of 0.7%. Despite a robust trading volume of $38.84 billion, its market cap stands at approximately $1.79 trillion. Ethereum (ETH) followed with a 2.5% decrease to $2,939.18, maintaining a solid trading volume of $22.99 billion and a market cap of $354.96 billion.
The bearish sentiment has extended to other major altcoins. XRP saw a sharper decline of 2.3% to $1.91, Binance Coin (BNB) remained relatively stable at $889.81, Solana (SOL) dropped 1.7% to $127.95, and Dogecoin (DOGE) fell 1.3% to $0.1251.
The Crypto Fear & Greed Index has dropped to 34 points, indicating a shift into "Fear" territory among market participants. This reflects the growing negative sentiment driving the sell-off.
Amid the broader bloodbath, some smaller altcoins and memecoins have posted staggering gains, offering a stark contrast. Kyuzo’s Friends (KO) surged 125%, while memecoins like Xoge (XOGE), MAGA (PEOPLE), and GameStop Coin (GME) skyrocketed by over 1,200% each. The DeFi total value locked (TVL) dipped by 1.18% to $120.35 billion, while NFT sales volume saw an 8.67% increase.
