The cryptocurrency market saw mixed performance across top digital assets. Key players like Bitcoin (BTC) and Ethereum (ETH) experienced declines, while altcoins such as ENA, DOGE, and SUI showed considerable volatility. According to data from Phoenix Group, BTC dominance remained high at 60.6%, with BTC trading around $68,519 and ETH at $2,458.
Bitcoin and Ethereum Lead Market Cap, But Prices Decline
Bitcoin continues to command the largest share of the market, holding a 60.6% dominance, while Ethereum follows with a 13.3% market share. However, both assets saw price dips, with BTC trading at $68,519 and ETH at $2,458. The overall market cap of all cryptocurrencies stood at $2.24 trillion, with a 24-hour trading volume of $70.06 billion. DeFi Total Value Locked (TVL) was recorded at $130.55 billion, reflecting steady investment in decentralized finance despite market fluctuations.
According to Phoenix, several altcoins demonstrated significant price action throughout the day. ENA led the declines with a 5.20% drop, followed closely by SUI, which dipped by 4.48%. DOGE and PENDLE also saw declines, though they managed to bounce back slightly by 0.46% and 3.35%, respectively. Meanwhile, RAY’s volatility was notable, with a 7.65% drop offset by a 5.24% recovery, highlighting the turbulent nature of smaller market cap assets in today’s trading environment.
The 24-hour liquidation data underscores the uncertainty in the current market. BTC led the liquidations, with $50.46 million wiped out, followed by ETH with $29.52 million in liquidations. Altcoins like DOGE and SOL also saw significant liquidations, totaling $12.84 million and $10.81 million, respectively. SUI, a newer market entrant, also recorded substantial liquidations at $6.80 million, showing the impact of market volatility on newer assets.
Phoenix Group’s data also reflected a “Greed” sentiment on the Fear and Greed Index, which scored 66. This indicates that investors remain optimistic about the market, even as assets experience short-term volatility. Long positions continue to dominate, with Binance showing 49.79% in BTC longs compared to 50.21% in shorts, suggesting a balanced outlook.
Despite overall market optimism, the volatility in altcoins and significant liquidations suggest caution among investors. BTC and ETH’s dominance keeps them central to the market narrative, while fluctuations in smaller coins reflect ongoing speculative interest. As the crypto market enters the final quarter of 2024, investor sentiment remains positive but tempered by market turbulence.
