A decline has been observed in the cryptocurrency market over the past 24 hours, APA-Economics reports, citing the CoinMarketCap platform.
The total market capitalization has fallen to $2.29 trillion, which is a 2.67% decrease compared to the previous day. At the same time, the CoinMarketCap 20 index dropped by 3.37% to 137.15 points.
The price of the largest cryptocurrency, Bitcoin, decreased by 3.05% over the past 24 hours to $66,450. Ethereum also fell by 3.77% to $2,046.
Declines were also recorded in other major cryptocurrencies. The price of BNB fell by 4.37%, Bitcoin Cash by 4.80%, Monero by 1.78%, and Bittensor by 1.25%.
In contrast, gold-backed stable tokens recorded increases. The price of PAX Gold rose by 3.78%, while Tether Gold increased by 3.41%.
The “Fear & Greed” index, which reflects market sentiment, stood at 27 points, indicating a growing tendency of fear among investors.
According to analysts, the decline in cryptocurrencies is mainly due to the drop in Bitcoin and Ethereum pulling the entire market down, as well as investors shifting toward safer assets—particularly gold-backed tokens.
