The cryptocurrency market is currently experiencing a downturn, with Bitcoin plummeting below the $95,000 threshold. This decline has triggered similar drops in major altcoins such as THORChain (RUNE) and Injective (INJ), which fell by 11% from their daily peaks, signaling a tough environment for traders.
What’s Happening in the Market?
The total market capitalization of the global cryptocurrency sector has decreased by roughly 2%, settling at $3.33 trillion. Interestingly, trading volume has risen by 4% over the past day, indicating that traders are still actively engaging in the market despite the overall downturn.
How Are Major Cryptocurrencies Performing?
Currently, Bitcoin (BTC) is trading at $94,390, reflecting a 3% decline in the last 24 hours. Ethereum (ETH) also saw a dip of 1.5%, now valued at $3,325, while Solana (SOL) fell by 2%, landing at $195.45, illustrating a consistent negative sentiment across the cryptocurrency landscape.
RUNE and INJ have been particularly hard-hit, with RUNE down 11% to $3.94 and INJ falling to $21.60. Conversely, XRP has shown resilience, climbing 0.40% to $2.351, bolstered by the recent listing of Ripple’s RLUSD stablecoin on Bitstamp.
– The cryptocurrency market has seen significant outflows, with $458 million withdrawn from Bitcoin ETFs.
– Fidelity stands out as the main seller during this period.
– Despite the downturn, some tokens like XDC Network and Monero have shown gains of 7% and 4%, respectively, indicating potential investment opportunities.
The ongoing market fluctuations require traders to remain attentive. While the prevailing trend is negative, the emergence of certain cryptocurrencies showing potential for recovery suggests that opportunities for strategic investments may still be present.
