The crypto market is currently witnessing another downside phase as the tense macroeconomic conditions are exerting considerable influence. As per the exclusive market statistics, the cumulative market cap shows a 3.84% dip at $2.50T over the past 24 hours while the Fear & Greed Index has slumped to 18, indicating “extreme fear.” This wider market downturn has impacted the top names among the crypto assets, such as Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), and more.
Top Crypto Assets Like Bitcoin, Ethereum, and Solana Record Significant Dips
The market data reveals Bitcoin ($BTC) price accounts for a 4.80% dip in its price which has plunged to $76,312. Simultaneously, Bitcoin’s market dominance is 59.42%, with a slight 0.05% increase. On the other hand, Ethereum ($ETH) market dominance has dropped by 4.34% to reach 6.88%.
The top altcoin’s price is standing at $1,443 after a notable 9.60% decrease. In addition to this, $SOL and $BNB also demonstrate 5.61% and 2.89% price dips to claim the $105.16 and the $547.92 mark.
$FARTCOIN, $EOS, and $NEAR Dominate Small-Cap Gainers
While large-cap crypto assets incurred massive losses, small-cap assets remained effective in making gains over the past 24 hours. In this respect, $FARTCOIN, $EOS, and $NEAR topped the large-cap losers, with 12.9%, 11.1%, and 10.1% price dips. Contrarily, small-cap gainers include $ARDR, $DORA, and $FORTH, with 65.4%, 45.0%, and 42.9% price surges.
DeFi TVL Drops by 6.6% While NFT Volume Plunges by 21%
The DeFi and NFT markets also recorded a considerable decline over the same period. Thus, the DeFi market’s TVL slumped by 6.6% to reach the current value of $112B. However, Soneium saw 30% and is the top blockchain by TVL increase.
On the other hand, Renzo dipped by 10% and is the top blockchain by decrease in TVL. Along with that NFT market went through a noteworthy 21% decrease and presently claims $4.4M. Even then, CryptoPunks’ volume has touched $982K to make it the top NFT collection. On the other hand, World Of Women is the top collection when it comes to volume growth as it accounts for a stunning 1,174% rise.
Escalating Trade Tensions between U.S. and China Highlight Likelihood of Additional Downside
In the institutional crypto sphere, Blackbird, CAP, and Stas Terminal have conducted funding rounds. In this respect, they have successfully gained $50M, $8.0M, and $1.7M respectively. Nevertheless, the overall crypto sector is going under enormous pressure due to the mounting trade tensions between the United States and China.
The recent 140% tariff implementation by the U.S. on Chinese products has shocked the whole financial market. In the meantime, the crypto market onlookers are looking for the likely signs of a potentially positive reversal.
