The cryptocurrency market displayed weakness in early morning trade in Asia on Saturday. The leading cryptocurrency Bitcoin witnessed a drop in its prices as the optimism about exchange-traded funds (ETFs) tracking Bitcoin evaporated.
The Crypto Fear and Greed Index hit a three-month low, falling back to “neutral” – for the first time since October last year. This implies that investors have become more cautious since the launch of US-listed spot Bitcoin products.
Earlier this month, the OG cryptocurrency Bitcoin surged to almost $49,000, the highest level in nearly 2 years, in anticipation of the approval of spot Bitcoin ETFs in the US. However, Bitcoin (BTC) prices have dropped since and stood at $42,578 at press time, down 0.06% over the last 24 hours. Bitcoin’s market cap fell to 834.4 billion while trading volumes were up nearly 10% in the past 24 hours at $19.3 billion.
Ethereum — the second largest crypto by market cap — also saw a 1.5% decline in its prices over the last 24 hours and was changing hands at $2,510 at the time of writing. While Ether’s market cap slid to $301.7 billion, trading volumes nosedived over 7% to $10.1 billion in the past 24 hours.
While Tether (USDT) prices remained flat, BNB prices jumped over 3.6% to $313.11, while XRP prices stood at $0.58, up nearly 4% over the last 24 hours. Meanwhile, Solana (SOL) price fell by 0.8%, and Cardano (ADA) price declined by over 1%.
Both Avalance (AVAX) and Dogecoin were trading in the green at press time, while Shiba Inu (SHIB) saw a nearly 0.9% drop in its prices in the past 24 hours. The global crypto market fell 0.12% to $1.68 trillion.
Top 3 Cryptos For Today
Pepe Price Falls 0.03%
The frog-themed memecoin Pepe fell marginally to $0.000001226, a 0.03% decline over the past 24 hours. Pepe’s market cap fell to $515 million while trading volumes plummeted over 20% to $61 million.
SUI Price Surges 13%
Sui blockchain network’s native token SUI jumped over 13% in the past 24 hours. At press time, SUI’s price stood at $1.42, while its market cap rose to $1.55 billion. However, trading volumes fell 30% in the past 24 hours, indicating diminishing retail interest in the digital asset.
Optimism (OP) Price Declines 7%
The Optimism (OP) token slid 7% over the last seven hours to $3.54, with its market cap coming down to $1.4 billion. Meanwhile, trading volumes over the last 24 hours were up 24% to $266.1 million.
Also Read: Bitfinex Exchange Thwarts $15 Billion Worth Attack on XRP Tokens on Platform
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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