The global cryptocurrency market is currently experiencing notable declines, with the total market capitalization diminishing by 2.79% over the last 24 hours to a total of $2.96 trillion. Despite this downturn, trading volume has surged significantly, increasing by 34.46% to reach $101.19 billion. This shift in market dynamics is reflected in the Crypto Fear & Greed Index, which now stands at 29 points, indicating a state of “Fear” permeating investor sentiment.
In particular, Bitcoin (BTC) has seen its value decrease by 3.21%, now trading at $87,132.72. This decline has contributed to Bitcoin”s market dominance, which is currently at 58.9%. Meanwhile, Ethereum (ETH) is also facing challenges, with a 3.22% drop bringing its price to $2,937.44, and its market dominance resting at 12.0%.
On a brighter note, certain cryptocurrencies have made remarkable gains, with Tesla (TSLA), JoJoWorld (JOJO), and Coloniume Network (CLNX) leading the day”s top gainers. TSLA has skyrocketed by an astonishing 3768.01%, reaching a price of $0.2868. Following closely, JOJO has increased by 913.31% to approximately $0.2957, while CLNX has surged by 748.04%, hitting $0.1225.
In the decentralized finance (DeFi) sector, the total value locked (TVL) has recorded a decline of 1.08%, now standing at $117.475 billion. The leading DeFi project, Aave, has experienced a slight dip of 0.48%. Interestingly, Brise Swap has shown a remarkable increase in its 1-day TVL change, reporting a staggering percentage rise. In contrast, the non-fungible token (NFT) market has also seen setbacks, with sales volume dropping by 3.72%, totaling $10,932,598. The top-selling NFT collection, DMarket, has suffered a significant decline of 48.67%, now valued at $1,981,514.
Recent developments in the regulatory landscape have also impacted the market. U.S. Representative Maxine Waters has called for a hearing with SEC Chair Paul Atkins, expressing concerns regarding the handling of crypto-related cases. Meanwhile, blockchain investigator ZachXBT has traced a $2 million scam back to potential support from Coinbase. Additionally, Lighter, a decentralized perpetual exchange, has introduced its flagship token, LIT, aimed at bridging DeFi and traditional finance.
