WASHINGTON (dpa-AFX) - Bitcoin is trading firmly above the flatline whereas major altcoins recorded massive declines in prices over the past 24 hours. The broad-based slippage in the cryptocurrency market is attributed to profit-taking, leverage unwinding as well as the recent regulatory uncertainty in the U.S.
Anxiety ahead of the interest rate decision by the European Central Bank on Thursday morning as well as the Federal Reserve's interest rate announcement on Wednesday also weighed on sentiment. Both the central banks are expected to hold rates steady.
The weekly update on initial jobless claims as well as the flash PMI readings for July due from the U.S. on Thursday morning also swayed market sentiment.
Markets also factored in the increase in outflows from Bitcoin Spot ETF products as well as the reduction in inflows to Ethereum Spot ETF products in the U.S. on Wednesday.
Inflows to Bitcoin-based Spot ETF products in the U.S. recorded $86 million on Wednesday as compared with $68 million on Tuesday. versus $217 million on Monday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped outflows with $227 million whereas iShares Bitcoin Trust (IBIT) topped inflows with $143 million. Ethereum-based Spot ETF products witnessed inflows of $332 million on Wednesday versus inflows of $534 million on Tuesday. Of the inflows, $325 million is attributed to iShares Ethereum Trust ETF (ETHA).
Among the top 100 cryptocurrencies, only two are trading with overnight gains of more than a percent. On the contrary, more than 25 are trading with overnight losses of close to 10 percent which includes 3rd ranked XRP, 8th ranked Dogecoin, and 12th ranked Stellar. Amidst the shift in market sentiment, overall market capitalization has fallen more than 1.5 percent overnight to $3.86 trillion. The decline in market capitalization is however accompanied by a 19-percent jump in the 24-hour trading volume to $226 billion.
Amidst market resilience, Bitcoin's crypto market dominance has increased to 61.2 percent from 60.1 percent a day earlier. Ethereum's market cap dominance is steady at 11.4 percent. The market share of the residual altcoins has slipped to 27.4 percent. It was 28.6 percent a day earlier.
Bitcoin edged up 0.31 percent overnight to trade at $118,828.45, which is 3 percent below the all-time high of $123,091 recorded on July 14. The 24-hour trading range was between $119,290.24 and $117,247.97.
With the overnight addition lifting market capitalization to $2.36 trillion, Bitcoin is holding on to the 6th position in the global ranking of all assets as per market capitalization published by companiesmarketcap.com. Alphabet (GOOG) follows closely with a market cap of $2.315 trillion.
Ethereum slipped 1.6 percent in the past 24 hours to trade at $3,634.92 which is 26 percent below the all-time high. Ether traded between $3,697.44 and $3,515.00 in the past 24 hours.
Ethereum is currently ranked 25th in the global ranking of all assets as per market capitalization published by companiesmarketcap.com.
3rd ranked XRP plunged 10.6 percent overnight to trade at $3.10, around 19 percent below the all-time high. With loses of 3.6 percent, XRP is the highest-ranking crypto to trade with losses over the 7-day horizon.
5th ranked BNB dropped 3.3 percent overnight limiting weekly gains to 6.9 percent. Gains exceed 20 percent over the 30-day period and close to 9.4 percent over the year-to-date period. At its current trading price of $766.86, the cryptocurrency is trading 5 percent below the all-time-high of $804.17 recorded a day earlier.
The price of 6th ranked Solana dropped 6.70 percent overnight to $186.21. With loses of 1.6 percent, SOL is the highest-ranking crypto to trade with losses on a year-to-date basis.
Amid sustained institutional selling pressure, 8th ranked Dogecoin (DOGE) is trading with losses of 9.5 percent on an overnight basis. The meme coin is however holding on to gains of more than 11 percent over the past week and around 44 percent over the past 30 days. Nevertheless, on a year-to-date basis, DOGE is trading in the red. At its current trading price of $0.2360, DOGE has slipped more than 25 percent till date in 2025.
9th ranked TRON slipped 3.1 percent overnight and is currently changing hands at $0.3085.
10th ranked Cardano has slipped 7.9 percent overnight to trade at $0.8030. ADA has lost 4.8 percent till date in 2025.
62nd ranked Story (IP) topped overnight gains among the top 100 cryptocurrencies with a surge of 5.5 percent. 85th ranked Conflux (CFX) also withstood the sell-off in the crypto market with an overnight addition of around 1 percent.
75th ranked Pump.fun (PUMP) is the greatest laggard among the top 100 cryptocurrencies with an overnight decline of 19.3 percent. 36th ranked Aptos (APT) followed with a decline of 16.4 percent in the past 24 hours. 75th ranked dogwifhat (WIF), 60th ranked Flare (FLR) and 76th ranked Virtuals Protocol (VIRTUAL) have all erased more than 15 percent in the past 24 hours.
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