A recent update from CryptoRank, a prominent crypto research and analytics platform, revealed that the cryptocurrency market is currently facing a significant downturn. As of today, January 13, 2024, all of the top 10 cryptocurrencies by market capitalization are trading in the red zone. This downward trend follows a sharp drop in Bitcoin’s price, which had reached a yearly high the day before.
Bitcoin’s Price Plunge
Bitcoin, the leading cryptocurrency, experienced a substantial decline in its value on Friday, losing 7.75% of its worth between its opening and closing prices, as reported by TradingView data. This sudden drop brought Bitcoin’s price down to the $43,000 region.
At the time of CryptoRank’s update, Bitcoin had recovered slightly, but its 24-hour loss still stood at 6.92%.
CryptoRank highlighted AVAX and SOL among the top 10 cryptocurrencies, which recorded significant losses in the preceding 24 hours. AVAX, the native token of the Avalanche blockchain, saw a decline of 7.96%, while Solana’s SOL lost 7.07% during the same period.
Overall market metrics decline
According to CryptoRank, nearly all of the crucial metrics for the crypto market experienced a decline. The total crypto market capitalization plummeted to $1.76 trillion, marking a substantial 7.11% loss within a 24-hour.
Despite the overall market downturn, Bitcoin’s dominance slightly increased by 0.54%, reaching 47.82%. The Fear and Greed Index also remained at 64, indicating a prevailing greedy sentiment in the crypto market.
In contrast to the larger-capped cryptocurrencies, several smaller-cap tokens witnessed significant gains. CryptoRank identified ROCKY as the day’s top gainer, with an impressive 54% increase in value over a 24-hour period. TRVL followed closely, achieving a 50% profit, while MYRO recorded a 38.9% gain during the same timeframe.
Blockchain projects unlock fresh tokens
CryptoRank also reported on blockchain projects unlocking fresh tokens. Games For A Living (GFAL) released tokens valued at $8.24 million, contributing to the dynamic token landscape. Sweat Economy (SWEAT) joined in, unlocking tokens worth $6.23 million. Optimism (OP) also released fresh tokens equivalent to $4.11 million, indicating ongoing developments within the blockchain ecosystem.
Source: https://www.cryptopolitan.com/market-sees-widespread-decline-as-bitcoin/