The cryptocurrency market is reeling from a broad decline, with significant assets such as Bitcoin, Ethereum, and XRP leading the downward trend. Total market capitalization has dropped by 1.16 percent to $2.58 trillion, while overall trading volume has plunged by 37.50 percent to $102.16 billion.
Ethereum has dropped significantly below its realized price of $2,000, trading at $1,553.06 after a 3.46 percent decline in the last 24 hours. According to analyst Carl Moon, this rare event was last seen during the March 2020 crash and often signals a potential rebound zone.
Ethereum’s trading volume has shrunk by 39.72 percent to $20.25 billion, while its market capitalization is $187.62 billion.
Also Read: Bloomberg Analyst Warns Bitcoin Could Crash to $10K Amid Market Shift
Bitcoin also slipped despite favorable macroeconomic data from the United States. It is trading at $80,530, down 1.88 percent in the last 24 hours. Inflation statistics revealed a 2.4 percent increase in March that initiated a temporary price surge for cryptocurrencies after their initial release.
Bitcoin’s trading volume experienced a severe 42.65 percent decline to reach $44.67 billion, demonstrating reduced trader faith.
XRP has remained relatively stable in price but still reflects broader market weakness. It is currently priced at $1.99, down 0.39 percent, with trading volume decreasing by 51.77 percent to $4.12 billion.
The price movement occurred during the mutual motion filed by Ripple and the U.S. SEC to suspend their court appeal, which might decrease Ripple’s penalty from $125 million to $50 million.
Fear Index Signals Worsening Sentiment Amid Market Retreat
Investor sentiment has taken a sharp downturn, as the Crypto Fear and Greed Index fell to 21, indicating growing anxiety across markets. This comes despite paused tariffs and encouraging inflation data, which were expected to support prices. Instead, low volumes and shrinking market caps now dominate the scene.
In contrast to the widespread losses, Onyxcoin (XCN) emerged as an outlier. It recorded a 69.92 percent gain, making it the day’s top gainer. XCN is now trading at $0.01891, with its volume soaring 270.52 percent to $456.08 million.
Still, the overall market trend remains negative as key digital assets continue to shed value. Traders remain cautious amid uncertainty, waiting for signs of a sustainable recovery.
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