Crypto Market Capitalization Drops to $2.62 Trillion Amid Macro Headwinds
Bitcoin and major altcoins experienced broad selling pressure driven by macroeconomic uncertainties, geopolitical tensions, and ETF outflows.
Total cryptocurrency market capitalization slipped 1.55% over the past 24 hours to $2.62 trillion, accompanied by a 3.1% rise in trading volume to approximately $84.3 billion. The downturn was led by Bitcoin, which fell from $78,500 to trade near $77,225, having touched levels below $76,500 during the session. The asset's market dominance stood at 59%.
Major alternative tokens also experienced declines, with XRP dropping more than 3% to $1.34, BNB trading around $714, and both Solana and Hyperliquid falling below key support levels of $100 and $80, respectively. Ethereum remained capped under $2,500 while maintaining support above $2,450. Zcash dropped 13.23% while holding above $1,000. Conversely, selective gains were recorded by Raydium, which surged 27.23%, ether.fi with a 9.60% rise, alongside Aptos and Polkadot.
The market weakness has been attributed to a mix of external pressures, including escalating concerns in the Middle East, ongoing uncertainty surrounding Federal Reserve policy, rising oil prices, and recent spot ETF outflows, alongside persistent trading activity across stablecoins exceeding $90 billion in daily volume.
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