The cryptocurrency market started off the day with a sense of caution, as fear seemed to dominate the overall sentiment. The market cap saw a slight increase of 0.15%, reaching $2.72 trillion. However, trading activity slowed down a bit, with 24-hour volumes dropping by 1.59% to $71.59 billion. The Fear & Greed Index also dipped to 23, indicating a more defensive stance among traders amidst mixed price movements.
Bitcoin, on the other hand, managed to hold firm above the $82,000 mark, edging closer to its 24-hour high of $83,438. Despite a minor decrease of 0.03% in its price, BTC’s dominance was reinforced as BlackRock’s IBIT recorded its largest single-day inflow in 6 weeks. With the addition of 2,660 BTC, valued at approximately $217 million, institutional confidence in Bitcoin remains strong despite uncertainties among retail traders.
In terms of altcoins, there was a mixed sentiment in the market. Ethereum showed signs of recovery, gaining 1.64% in the last 24 hours, while XRP saw a modest increase of 0.28%. Solana also experienced a slight uptick, climbing 1.31% as major altcoins benefited from the overall stability in the market.
Among the top gainers, EOS stole the spotlight with an impressive surge of 25.72%, followed by RAY and MKR with gains of 12.96% and 8.62% respectively. However, not all tokens experienced bullish momentum, as FORM led the losers with a 13.26% drop, followed by CAKE down 7.49%, and CRO slipping 5.33%.
For those curious about the current state of the crypto market, the Fear & Greed Index stands at 23, signaling “Fear” and indicating a cautious sentiment among traders.
As for specific questions related to the market, at the time of writing, 1 BTC is priced at $82,966.84. The tokens that have surged the most today are EOS, RAY, and MKR, gaining 25.72%, 12.96%, and 8.62% respectively.
Overall, while the market remains cautious, Bitcoin’s resilience and institutional support continue to provide stability amidst the fluctuating sentiments in the cryptocurrency space.