The cryptocurrency market has been steady over the last few hours after maintaining a bullish momentum since the weekend, which led to Bitcoin and many crypto assets hitting new highs. But after these new records, the market is currently displaying stable price action with some tokens dropping as low as 2%.
This drop is mostly because many traders who bought earlier are now selling it to make a profit. This kind of activity is common after a big price increase, while waiting for another rally opportunity.
Bitcoin Drops Below $117k
Right now, Bitcoin is trading at $115,967, which is a 4.11% drop from earlier in the day when it reached $121,458. In fact, just hours ago, it hit a new all-time high of $123,000 during early Monday trading. But after setting that record, its price fell slightly.
Compared to yesterday, Bitcoin’s trading activity has dropped by about 46%, with $91.98 billion in volume today. Its market value has also fallen by 3.08%, now sitting at around $2.33 trillion. Still, Bitcoin remains strong overall, with gains of about 7% in the last seven days.
Ethereum Falls Back from $3000, While SOL Drops from $166
Ethereum (ETH) followed Bitcoin’s lead and has also come down a little. Earlier today, it briefly went above the $3,000 mark, reaching a high of $3,064, but has since dropped slightly. At the moment, Ethereum is trading at $2,995.87, which is only a 0.75% dip from its daily high.
Unlike Bitcoin, though, Ethereum’s trading activity is still healthy. In the last 24 hours, its trading volume rose by around 4%, reaching $32 billion. Ethereum’s total market value is now about $361.64 billion.
Solana SOL has also lost some of its gains from the previous day. Currently it’s down 3.96% to $158.63 after a push to $166.23 in 24 hours. Additionally, trading activity is also down by 10%, and now steady at $6.02 billion with a 3% dip in market valuation of $85 billion, based on data from CoinMarketCap.
Trending Crypto Today
- THENA (THE)
- Pump.fun (PUMP)
- CROSE (CROSS)
- Bonk (BONK)
- Solidus Ai Tech (AITECH)
- 1inch Network (1INCH)
Top Gainers & Losers Today
| Gainers | Losers |
| Pudgy Penguins (PENGU): +15.34% | Pump.fun (PUMP): -15.84% |
| Sei (SEI): +7.39% | XDC Network (XDC): – 9.75% |
| Bonk (BONK): +6.35 | Fartcoin (FARTCOIN): -8.50% |
| Curve DAO Token (CRV): +3.64% | Virtual Protocol (VIRTUAL): -7.79% |
| Bittensor (TAO): +3.14% | Four (FORM): -6.32% |
Crypto Market Cap Overview
Due to the steady drops in major tokens, the overall market valuation in the last 24 hours has dipped by 2.56%. Trading activity has also reduced by 30.73% drop recorded over the same period to $196.76 million. Currently, the market valuation is at
In addition to this, the Crypto Fear and Greed Index is currently sitting around 70, which shows “Greed” in the market. A high greed score like this usually means traders are feeling confident and expect prices to rise, but it can also be a warning sign of a possible correction if too many are buying too quickly.
Meanwhile, about $128,538 traders were reportedly liquidated in the past 24 hours. According to Coinglass, that resulted in $501.71 million lost in funds. $369.78 million of that came from traders who bet on long positions, while $131.83 million came from short positions. The majority of these bets were on Bitcoin.
Also Read: Bitcoin Pulls Back Below $117K As Profit Taking Hits: Bounce Back Incoming?
