WASHINGTON (dpa-AFX) - Cryptocurrencies aligned with the sentiment in global markets where a sell-off deepened following renewed concerns about growth in the U.S. Overall crypto market capitalization slipped more than 10 percent overnight while Bitcoin touched a low of $49,121 and Ether touched a low of $2122 in the past 24 hours.
As risk appetite drained, transforming global stock markets into a sea of red, cryptocurrencies also witnessed massive cuts. Aggregate market capitalization of cryptocurrencies which stood at $2.11 trillion a day earlier is currently at to $1.91 trillion. It had plunged to $1.75 trillion earlier in the trade.
None of the top 100 cryptocurrencies are trading with gains in excess of quarter percent on an overnight basis. Around 14 of the top 100 cryptocurrencies have shed more than 15 percent in the past 24 hours.
On a weekly basis too, none of the top 100 cryptocurrencies are trading with gains in excess of a percent. The sell-off is so pronounced that only 10 of the top 100 cryptocurrencies are holding on to gains of more than a percent over a 30-day horizon. Only less than 30 percent of the top 100 cryptocurrencies are holding on to gains of more than a percent in 2024.
Market capitalization of the memes category slipped 10.5 percent overnight to $34.2 billion, accounting for a market share of 1.8 percent.
Market capitalization of the AI& Big data category also dropped 13.7 percent overnight to $17.8 billion implying a market share of 0.94 percent.
Amidst the risk aversion, market capitalization of the not-so-volatile stablecoins increased 0.27 percent to $172 billion or 9.1 percent of the overall crypto market. Bitcoin is currently trading at $54,030 around 27 percent below the all-time high recorded in March 2024. Bitcoin has slipped 9.4 percent overnight, 20.8 percent in the past 7 days and 3.1 percent over the past 30 days. Year-to-date gains have fallen to less than 28 percent.
Ethereum is currently changing hands at $2,403, around 51 percent below the all-time high recorded in March 2024. Ether has slipped 16.2 percent overnight, 27.7 percent in the past 7 days and 18.7 percent over the past 30 days. Year-to-date gains have fallen to a little over 5 percent.
Bitcoin dominates 55.2 percent of the overall crypto market followed by Ethereum that has a 15.1 percent market share.
4th ranked BNB (BNB) dropped more than 10 percent overnight and 21.8 percent on a weekly basis to trade at $457.87.
5th ranked Solana (SOL) slipped 6.3 percent overnight and more than 30 percent in the past 7 days. SOL is currently trading at $129.45.
7th ranked XRP (XRP) slipped 9 percent overnight and 19.5 percent in the past week to trade at $0.4832. Year-to-date losses have crossed 21 percent.
Dogecoin (DOGE), ranked 8th overall has also plunged 10.2 percent in the past 24 hours to trade at $0.09339.
9th ranked Toncoin (TON) declined 12 percent overnight to trade at $5.34.
10th ranked Cardano (ADA) declined 9.3 percent overnight and 22.7 percent over the past week. ADA is currently trading at $0.3173.
62nd ranked Lido DAO (LDO) topped overnight losses among the top 100 cryptocurrencies with a decline of 23.6 percent. 42nd ranked Arbitrum (ARB) followed with losses of 19.4 percent. 76th ranked KuCoin Token (KCS), 30th ranked Artificial Superintelligence Alliance (FET) and 20th ranked NEAR Protocol (NEAR) all shed more than 18 percent in the past 24 hours.
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