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The cryptocurrency market began with a 0.48% decrease following the opening of the Asian markets. The optimism surrounding Bitcoin-linked ETFs did not materialize, triggering a decline in prices. The Crypto Fear and Greed Index has retreated to a “neutral” level for the first time in months. This indicates that investors have become more cautious since the launch of spot Bitcoin products in the US.
Current Situation of Bitcoin and Altcoins
The leading cryptocurrency Bitcoin reached its highest level in two years at $49,000 on the first day of trading after the approval of spot Bitcoin ETFs in the US.
Subsequently, the price of Bitcoin (BTC) took a steep dive and at the time of writing, it has decreased by 0.06% in the last 24 hours, falling to $42,621. During this period, Bitcoin’s market capitalization also fell below $835 billion, while its trading volume increased by approximately 17% in the last 24 hours, reaching $20 billion.
On the other hand, Ethereum, the leader of altcoins, also experienced a 1.5% decrease in the last 24 hours. At the time of writing, it was trading at $2,510. Ethereum’s market capitalization was at $301.7 billion, while its trading volumes decreased by over 7% within 24 hours, dropping to $10.1 billion.
Binance‘s native token BNB saw an increase of over 3.6%, rising to $313.11. Another notable altcoin, XRP, increased by 4% in the last 24 hours and is trading at $0.58. Solana (SOL) and Cardano (ADA), which were among the most notable altcoins in recent months, were among the losers of the day with declines of 0.8% and over 1%, respectively.
In addition, Avalanche (AVAX) and Dogecoin were trading in the positive territory at the time of writing. DOGE’s biggest competitor, Shiba Inu (SHIB), experienced a 0.9% decline. Pepe, the closest competitor to the leading Meme Coins, dropped to $0.000001226 with a 0.03% decrease in the last 24 hours.
Today’s Noteworthy Altcoins
The native token of the recently talked-about Sui blockchain network, SUI, was one of the highest gainers of the day with an increase of over 8% in the last 24 hours. At the time of writing, SUI was trading at $1.42, and its market capitalization had risen to $1.53 billion. However, its trading volume had decreased by 12% in the last 24 hours, which could be interpreted as the beginning of a loss of interest among investors.
Another altcoin that has been drawing attention lately is Optimism (OP), which experienced a 7% decrease in the last seven hours, dropping to $3.54. Its market capitalization fell to $1.4 billion during this period. Despite the decrease in market volume, the trading volumes in the last 24 hours increased by 24%, rising to $266.1 million.
