After a stupendous rally in December 2023 and then in the first week of 2024, cryptocurrencies appear to have been gripped by a sudden turn in sentiment.
Bitcoin’s price stayed above $43,000 in morning trade on Monday — but it has fallen from its nearly 2-year highs set earlier this month. All ten cryptocurrencies by market capitalization slipped over the last 24 hours.
Just when bets that the US Securities and Exchange Commission (SEC) would give its blessing to a spot Bitcoin exchange-traded fund (ETF) were getting bolder, the federal regulator issued a “Fear of Missing Out” warning to investors. The SEC’s warning seems to have given investors the heebie-jeebies.
The OG cryptocurrency Bitcoin fell 1% over the last 24 hours. At press time, the BTC price stood at $43,610 while Bitcoin’s market cap fell to $854.6 billion. Trading volumes over the last 24 hours jumped over 28% to $21 billion.
The second largest crypto, Ethereum, also saw a 2.2% decline in its prices. As of writing, the ETH price stood at $2,199, and its market cap slipped to $264.3 billion. However, trading volumes surged over 29% to $7.7 billion over the last 24 hours.
Smaller tokens, or altcoins, also bled, with BNB price falling nearly 4%, Solana (SOL) price plunging over 5.5%, XRP price sliding down 0.9%, and Cardano (ADA) price tumbling nearly 9%.
The bearish sentiment was also reflected in the global crypto market cap, which fell over 2.5% over the last 24 hours to $1.61 trillion. The fear and greed index score stood at 67, indicating investors sentiment was muted.
Top 3 Cryptos For Today
Pepe Coin Price Falls Over 10%
Pepe price plummetted over 10% to $0.000001062 in the past 24 hours, wiping out a significant chunk of its market cap, which shrank to $447.3 million. However, trading volumes over the last 24 hours rose over 26% to %85.1 million.
Shiba Inu (SHIB) Price Falls 8%
The Shiba Inu meme coin saw its prices sliding by over 8% to $0.0000088 in the past 24 hours, with its market cap falling to $5.2 billion. Trading volumes over the last 24 hours, however, appreciated over 46% to $170.8 million, indicating growing retail interest in the meme coin.
Lido DAO (LDO) Price Slumps 8.5%
After a magificent rally of 14% last week, Lido DAO price plunged over 8.5% to $2.85, sending its market cap tumbling to $2.53 billion. Meanwhile, trading volumes over the last 24 hours declined by 16% to $176.4 million, signalling diminishing retail interest in the token.
Also Read: Blackrock Positions $2B for Imminent US Bitcoin ETF Approval
