The global cryptocurrency market recorded a sharp downturn over the last 24 hours, losing 4.06 percent in total value. This brought the global market capitalization down to $2.53 trillion as investor sentiment slipped into extreme fear.
Despite the decline in market cap, overall trading activity saw a sharp increase driven by intraday volatility. Total trading volume surged by over 60 percent within a day to reach $192.78 billion.
Bitcoin Trading Volume Surges as Altcoins Deliver Mixed Results
During the recent market decline, Bitcoin’s price increased while challenging the bearish trend. The price stayed near $80,000 as market trackers observed heightened daily trading activities.
Bitcoin transactions surged by over 20 percent when investors shifted funds from alternative cryptocurrencies into relatively secure assets. Investors relocated their funds to Bitcoin because they considered it more reliable during increasing market unpredictability.
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Ethereum stayed above crucial support levels while registering only minor gains in comparison to other assets. Investors showed moderate interest in the asset, which demonstrated its stabilizing prices throughout unpredictable times.
XRP rose nearly 5 percent in daily trading, supported by renewed interest from sections of its community. XRP prices increased in one-day trading against the negative market sentiment that characterized multiple platforms at that time.
Solana proved itself to be one of the most substantial assets by increasing its price by more than 11 percent. Market participants demonstrated intense investment interest during the general falling stock values.
Other digital assets also posted significant price increases during the trading session, highlighting pockets of investor activity. Both FARTCOIN HYPE and HBAR experienced price increases of greater than 30 percent, 18.54 percent, and 16.63 percent, respectively.
Gold-backed digital tokens PAXG and XAUt, along with other trading assets, experienced minor downturns in daily market activities. The reduced interest in traditional hedging products during this period was visible through declining demand levels for FARTCOIN, HYPE, and HBAR.
Conclusion
Bitcoin’s price movement demonstrated relative strength, while the overall crypto market faced downward pressure. However, caution remains widespread among investors as fear indicators suggest continued market uncertainty.
Also Read: Solana Drops Below $110 After Shocking Shift in Meme Coin Frenzy
