Today, the wider digital asset market experienced some significant consolidations, which prompted its market capitalization to drop by 0.07% to $2.71 trillion over the past 24 hours. Also, its transaction volume fell by 9.72% to $8718 billion. The fear and greed index dropped to 27 from yesterday’s 45 showing investor fear in the market.
Economic uncertainty
This market slump is mainly fuelled by a wider economic meltdown, including worries about a US economic slowdown and extended inflation. Earlier this week, BTC witnessed a drastic fall, dropping below $80,000 amid a widespread market liquidation. Ethereum also slumped to its lowest price seen since Dec.2023 while other prominent assets also encountered increased selling pressure. However, the broader crypto market have started to record slight recovery, boosted partly by Wednesday’s CPI index that indicated lower than anticipated inflation report.
How is the market performing today?
Today, most cryptocurrencies are experiencing a correction mood, with the majority seeing minor price increases. Bitcoin is currently standing at $82,684, after recording a 0.76% decrease in the past 24 hours.
ETH has also consolidated its movement around $1,800, currently trading at $1,890, after seeing a 0.05% decline. XRP, SOL, DOGE, and TRX recorded 2.08%, 1.07%, 1.68%, and 1.71% price increases respectively.
Top market performers today
Celestia (TIA) emerged as the best performer in today’s crypto market with a price surge of 37.35% over the past 24 hours. TIA is currently displaying remarkable growth, standing at a high of $3.59 today at press time. This growth is significant in a market where prominent crypto assets like BTC and ETH are currently experiencing slight movements with their dominant prices.
Pepe (PEPE), a meme coin cryptocurrency, followed with a price jump of 34.48%. Today, PEPE created a robust rally, outperforming major competitors like DOGE and SHIB, which have registered small gains in their price actions. PEPE’s recent price pump has been bolstered by significant whale accumulations, thus creating demand and bullish sentiment for the asset.
Kaspa (KAS) secured the third position with a price growth of 32.83%. This rise highlights its recent market recovery after a significant downtrend. KAS’ price rebound in recent days has attracted investor interest, suggesting strong demand and bullish sentiment, backed by surging open interest.
Story (IP) took the fourth spot with a price hike of 27.88%. Its impressive performance defied the wider crypto market downtrend, majorly boosted by its recent listing on Kraken. Often listing on prominent exchanges trigger user interest, which leads to heightened trading volume and price growth in the days after.
Sonic (S) wrapped this top gainers list with a price rise of 25.88%. With its recent network upgrade, airdrop program, and its high involvement in the DeFi landscape, Sonic renewed its market potential and therefore has been attracting investors and crypto enthusiasts.
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