The cryptocurrency market witnessed a broad-based correction over the past 24 hours, with heavy selling across large-cap digital assets, mirroring risk-off sentiment seen in global markets.
Bitcoin Drops Over 5%
Bitcoin declined 5.22% to $64,648.40, dragging the total crypto market lower. Despite the pullback, Bitcoin continues to command a dominant market capitalization of $1.29 trillion, with $17.85 billion in 24-hour trading volume. Analysts attribute the decline to profit-booking at higher levels and macro-driven uncertainty.
Ethereum Extends Losses
Ethereum fell 6% to $1,862.30, underperforming Bitcoin on a percentage basis. Ethereum’s market cap now stands at $224.77 billion, with $9.46 billion in daily trading activity. Weak sentiment in altcoins amplified the downside pressure.
Altcoins See Sharper Correction
Selling was more pronounced in high-beta tokens:
Solana plunged 8.48% to $78.26.
Cardano dropped 7.04% to $0.2599.
XRP and BNB each declined 6.25%.
Dogecoin lost 5.51%.
The broader altcoin weakness suggests traders are reducing exposure to riskier assets amid volatility.
Stablecoins Hold Firm
In contrast, stablecoins remained resilient:
Tether hovered at $0.9998, with a massive $42.08 billion in 24-hour volume.
USD Coin remained near parity at $0.9998.
Elevated trading volume in USDT indicates capital rotation and hedging activity, typically observed during periods of heightened volatility.
Market Structure Signals Risk-Off
The synchronized decline across top-ranked assets, combined with strong stablecoin volumes, points to defensive positioning by traders. Analysts note that unless Bitcoin reclaims key resistance levels above $66,000–$67,000, short-term consolidation or further downside cannot be ruled out.
Expert View
Market strategists suggest that the correction appears technically driven rather than fundamentally triggered. However, with global liquidity conditions tightening and speculative positioning elevated, volatility is likely to persist in the near term.
