The cryptocurrency market is witnessing Bitcoin (BTC) attempting to recover in the red as a result of the widespread selling pressure. While the largest cryptocurrency by market value struggles to rise above the $40,000 level, some smaller altcoins are seen outperforming the significant market players. The day’s initial data points to notable declines for both Bitcoin and Ethereum (ETH). This comes particularly after the excitement for the approval of a spot Bitcoin ETF began to wane.
Latest Developments in Cryptocurrencies
After dropping below the $39,000 level, Bitcoin’s price has somewhat recovered and is currently trading around $40,000, with a 0.64% decrease over the last 24 hours. Data shows that BTC‘s trading volume has decreased by 1.99% in the last 24 hours to $30.19 billion.
Looking at other cryptocurrencies, the altcoin king Ethereum‘s price is seen at $2,222 during writing, a 5.11% decrease over the last 24 hours. In contrast, ETH’s trading volume has recorded a 21.76% increase, reaching $16.59 billion. Binance Coin‘s (BNB) price has decreased by 4.85% to $295.80, while its trading volume has increased by 14.81% to $1.06 billion in the same period.
Among the leading altcoins, Solana‘s (SOL) price has fallen by 2% to $84.05. However, its trading volume has seen a 19.62% increase, reaching $3.14 billion. Ripple’s XRP has fallen by 2.82% to $0.5158, while its trading volume has increased by 25.92% to $1.41 billion.
Cardano‘s (ADA) price has fallen by 3.72% to $0.4665, yet its trading volume has seen a 26.13% increase over the last 24 hours, reaching $557.39 million. The largest memecoin Dogecoin (DOGE) has fallen by 3.29% to $0.07833, while its competitor Shiba Inu (SHIB) is trading at $0.000008804, down by 8.35%.
Along with the general downturn in the cryptocurrency market, the Crypto Fear and Greed Index, which signaled “Greed” at a level of 73 last week, has dropped to 48 and is currently indicating “Neutral.”
Top 2 Altcoins Gaining the Most Today
On the other hand, 2 altcoins stand out for their resilience against the sharp market downturn. Akash Network (AKT), an artificial intelligence-based altcoin, defied the market’s downward trend with a 14% increase over the last 24 hours. AKT’s price rose by 14.38% to $2.76, with a market value of $623.39 million. However, its trading volume decreased by 14.51% to $5.76 million in the same period.
Among the trending altcoins, Blur (BLUR) also recorded a significant increase in the last 24 hours. Blur’s price rose by 8.88% to $0.664. Additionally, its trading volume increased by 50.08%, reaching $405.74 million.
