WASHINGTON (dpa-AFX) - Cryptocurrencies are trading with heavy overnight losses in tandem with the sentiment in global equity and commodity markets. The trade-driven rout in global markets is attributed to concerns about a global recession as well as a spike in inflationary pressures.
Overall crypto market capitalization has slipped close to 5.5 percent in the past 24 hours. It is currently at $2.48 trillion, rising from the 24-hour low of $2.35 trillion. Only less than 10 percent of the top 100 cryptocurrencies are trading with overnight gains of more than a percent.
The CMC Crypto Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the emotional state of the cryptocurrency market is currently at 17 denoting 'extreme fear'. It was at 27 a day ago, 24 a week ago and 30 a month ago, that all connote a state of fear in the market.
Bitcoin shed 5.1 percent overnight to trade at $78,216, around 28 percent below its peak. The leading cryptocurrency had touched a high of $82,751 and a low of $74,437 in the past 24 hours.
Ethereum dropped 11.7 percent overnight to trade at $1,551 lifting weekly losses to 15.5 percent. The leading altcoin had touched a high of $1,772 and a low of $1,415 in the past 24 hours.
Bitcoin's market share stands at 60.9 percent whereas Ethereum currently accounts for only 7.4 percent of the overall crypto market. Amidst the risk aversion, the market capitalization of stablecoins stands at 9.1 percent.
4th ranked XRP is currently trading at $1.86 which is 51 percent below the all-time high of $3.8419 touched in January 2018. The payments-oriented cryptocurrency touched a high of $2.09 and a low of $1.64 in the past 24 hours.
5th ranked BNB declined 4.9 percent overnight at its current trading price of $552.5. BNB is currently trading 30 percent below the all-time high touched in December 2024.
The price of 7th ranked Solana tumbled 8.2 percent overnight. With weekly losses of 16.8 percent, Solana is currently trading at $105.41, around 64 percent below its record high in November 2024.
8th ranked Dogecoin lost 9 percent overnight to trade at $0.1468. Having lost 11.4 percent in the past week, DOGE is trading 80 percent below the previous peak scaled in May 2021.
9th ranked TRON slipped 5.2 percent overnight to trade at $0.2269. The trading price is 48 percent below the cryptocurrency's all-time high recorded in December 2024.
10th ranked Cardano also dropped 8.5 percent overnight to trade at $0.5710. Cardano is currently trading 82 percent below the record high touched in September 2021.
97th ranked SPX token tops overnight gains among the top 100 cryptocurrencies with an overnight surge of 14.7 percent.
93rd ranked ZEC token tops overnight losses among the top 100 cryptocurrencies with a decline of close to 20 percent.
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