Cryptocurrencies have experienced a significant drop in the past 24 hours, with market leaders Bitcoin and Ethereum plunging to $58,116 and $2,401, respectively. This sharp sell-off was reportedly triggered by whale activity in Bitcoin and was accompanied by waning enthusiasm surrounding a potential Fed rate cut. Additionally, anxiety loomed ahead of looming macro-economic data releases, including GDP and PCE data from the U.S. and flash inflation readings from the Euro Area.
The market sentiment was further swayed by massive outflows from Bitcoin Spot ETF products in the U.S., the resurgence of the U.S. dollar, and the anticipation of results from chipmaker NVIDIA. Despite these challenges, the overall crypto market capitalization currently stands at $2.11 trillion, rebounding from $2.07 trillion a few hours earlier. This figure represents a decrease from $2.18 trillion a day ago, $2.09 trillion a week earlier, $2.41 trillion a month ago, and a significant increase from $1.05 trillion a year earlier.
A closer look at the top 100 cryptocurrencies reveals that only 7 are trading with overnight gains of more than a percent. Among the top 100, 50 cryptocurrencies are trading with weekly gains of more than a percent, while less than 10 have gains exceeding 1 percent over the 30-day horizon. Despite the significant momentum in the crypto space in 2024, driven by factors such as the ETF frenzy and Bitcoin halving, less than 40 percent of the top 100 cryptocurrencies are trading with gains of more than 1 percent this year.
In the top 10 cryptocurrencies, none of the non-stablecoin cryptocurrencies are trading with overnight gains. Solana (SOL) has experienced the most significant decline, shedding 4.9 percent overnight. However, Solana (SOL) leads in weekly gains with a surge of more than 5 percent, while Toncoin (TON) disappointed with a decline of close to 20 percent over the past week. On a year-to-date basis, Toncoin (TON) has seen gains exceeding 131 percent. XRP (XRP), ranked 7th, is the greatest laggard, trading with losses of more than 6 percent in 2024.
XRP (XRP) is the only cryptocurrency among the top 10 to trade with losses on a 24-hour, 7-day, 30-day, and year-to-date basis. In the wider crypto world comprising the top 100 cryptocurrencies, DOGS (DOGS) topped overnight gains with a surge of more than 26 percent, while Maker (MKR) experienced the greatest decline of more than 11 percent. Popcat (POPCAT) leads in weekly gains with a surge of more than 70 percent, and Arbitrum (ARB) is the greatest laggard, trading with losses of close to 66 percent in 2024.
Bitcoin has slipped 3.8 percent overnight to trade at $59,800.45, approximately 19 percent below its all-time high. Despite this, BTC has added 1.1 percent in the past week, resulting in gains of more than 41 percent in 2024. Ethereum, on the other hand, slipped 3.5 percent in the past 24 hours to trade at $2,514.76, around 49 percent below its previous peak. Weekly losses for Ethereum are close to 1.5 percent, while gains in 2024 are a little over 10 percent.
BNB (BNB), Solana (SOL), XRP (XRP), Dogecoin (DOGE), TRON (TRX), and Toncoin (TON) have all experienced overnight losses ranging from 2.3 percent to over 3.5 percent. For the latest cryptocurrency news, visit rttnews.com. This article was written by Avila Sebastian, a RTTNews Staff Writer. For comments and feedback, contact editorial@rttnews.com.
