The cryptocurrency market is experiencing a downward trend, with a notable 1.19% decrease in total market capitalization, which now stands at $3.15 trillion. In the past 24 hours, trading volume has also dipped by 10.68%, settling at $313.32 billion. Bitcoin (BTC) has dropped to $101,000, making it the day’s largest loser, while the market sentiment remains neutral, as indicated by the “Fear and Greed Index” that holds a score of 59.
Is Bitcoin Holding Strong at $101k?
Bitcoin is currently positioned at $101,472, reflecting a minor decline of 0.61% over the day. After hitting an all-time high of $109,114 yesterday, today’s drop has caught many traders off guard. Nevertheless, a 36.04% surge in trading volume to $124.05 billion suggests ongoing interest in Bitcoin.
Are Altcoins Facing Major Losses?
The altcoin market is showing varied responses compared to Bitcoin. Ethereum (ETH) is trading at $3,220, down 1.78%, while Solana (SOL) and XRP have also seen drops of 3.95% and 0.82%, respectively. TRUMP coin is the biggest loser, plummeting 36.73% to $33.15.
- Total cryptocurrency market cap has decreased by 1.19%, now at $3.15 trillion.
- Bitcoin remains steady at $101,472, down 0.61% from yesterday.
- Significant trading volume increase indicates persistent interest in Bitcoin.
- TRUMP coin suffered the largest loss today, down over 36%.
- While many altcoins are declining, some like RAY and Gate Token have posted gains.
Market participants are closely observing Bitcoin’s performance as they anticipate a potential recovery to its previous highs. While the overall market sentiment reflects uncertainty, the resilience shown by Bitcoin and some altcoins could indicate a phase of stabilization amidst broader declines.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/whats-driving-bitcoins-stability-at-101k