The cryptocurrency market experienced moderate volatility over the past 24 hours, marked by a general decline in prices as sellers dominated trading. The global crypto market cap dropped to $2.22 trillion, reflecting a 2% decrease during this period.
Bitcoin, after encountering resistance at $58,000, retreated to $57,277, registering a 1.7% decline. Similar bearish pressures affected Ethereum and Solana, mirroring the overall market trend.
Despite this downturn, XRP emerged as a standout performer with a 4.8% increase, trading at $0.46. This contrasts with the broader market sentiment, where many other cryptocurrencies faced declines.
Bitcoin’s price movements centered around the $57,000 range, fluctuating between lows of $56,561 and highs of $59,387. The cryptocurrency’s dominance dropped to 50%, influenced partly by factors such as the German government’s ongoing sale of BTC holdings.
Ethereum, trading at $3,072, experienced a modest 1.7% decline in the past day but saw an 8% increase over the week. Anticipation surrounding the launch of Spot Ether ETFs contributed to its weekly gains, despite encountering resistance around the $3,200 level.
Solana struggled at $135 with a 5.0% decline, aligned with broader market trends despite speculation about Spot Solana ETFs. The cryptocurrency’s price range for the day fluctuated between $134 and $145.
XRP’s resilience was notable as it broke from a bearish pattern, achieving a 6% price increase within 24 hours. Trading between $0.4396 and $0.4711, XRP benefited from buyer support amidst an atmosphere of extreme investor fear, hinting at potential future gains toward the $0.5 mark.
In contrast, meme coins faced significant losses amid the bearish market sentiment. Dogecoin fell 3.1% to $0.1058, while Shiba Inu and PEPE declined by 3.7% and 8.7% respectively. PEPE’s retracement wiped out its weekly gains, underscoring strong seller influence in this segment.
Maker (MKR), MANTRA (OM), XRP, and Stellar (XLM) emerged as top gainers today, whereas BONK, Render (RNDR), Ethena (ENA), and PEPE faced notable declines. The prevailing sentiment in the crypto market remains bearish, compounded by investor fear, despite positive inflows observed in spot BTC ETFs recently.
