The cryptocurrency market opened with a slight decline in Asia, with Bitcoin’s optimism linked to Exchange-Traded Funds (ETFs) not materializing, leading to a price drop. The Crypto Fear and Greed Index has returned to a ‘neutral’ level for the first time in months, signaling increased investor caution following the launch of spot Bitcoin products in the US.
Bitcoin’s price soared to $49,000, a two-year high, on the first day of trading after the approval of spot Bitcoin ETFs in the US. However, it then experienced a sharp decline, falling to $42,621 with a 0.06% decrease over the past 24 hours. Bitcoin’s market capitalization dropped below $835 billion, while its trading volume increased by roughly 17% to $20 billion.
Ethereum, the leading altcoin, also saw a 1.5% decrease in the last 24 hours, trading at $2,510. Its market capitalization stood at $301.7 billion, with a more than 7% drop in trading volumes to $10.1 billion. Binance’s native token BNB rose by over 3.6% to $313.11, while XRP increased by 4% to $0.58. Solana (SOL) and Cardano (ADA) were among the day’s losers with declines of 0.8% and over 1%, respectively.
Meanwhile, Avalanche (AVAX) and Dogecoin traded positively. Shiba Inu (SHIB) fell by 0.9%, and Pepe, a close competitor to leading Meme Coins, saw a 0.03% decrease to $0.000001226.
The Sui blockchain’s native token SUI emerged as one of the day’s top gainers with an over 8% increase, trading at $1.42 and reaching a market value of $1.53 billion, despite a 12% drop in trading volume suggesting a potential decline in investor interest. Optimism (OP) experienced a 7% decrease in seven hours, falling to $3.54, with its market value dropping to $1.4 billion but its trading volume rising by 24% to $266.1 million.