Today, the broader digital asset market experienced a significant drop. Its market valuation saw a decline of 0.72% to $3.2 trillion over the past 24 hours. However, its transaction volume rose by 25.46% to $73.24 billion. The fear and greed index dropped to 51 from yesterday’s 54, suggesting that investors’ sentiment continues to remain neutral.
Why the market is down today
Today’s market’s drop signals wider cautiousness among traders, reflected by multiple tokens experiencing increased selling pressure.
Since early this month, most crypto prices plunged amid heightened investor caution surrounding potential trade wars between the US and China. As a result, most assets embraced a correction period within ascending triangle patterns.
Today, a further decline in Bitcoin price raised concerns about potential liquidation risks for investors with leveraged funds. The token is currently trading at $96,060.90 after recording a 1.4% drop over the past 24 hours.
Feb.4 was the last time when BTC registered a $100k price mark. Since that time, the asset has been consolidating between $97k and $96k. Likewise, Ethereum, the largest altcoin, has been consolidating around $2600 and $2700 over the past recent days.
Topic gainers today
Data from CoinMarketCap listed top gainers in today’s crypto market as highlighted below.
Sonic (S) emerged as the best performer. The altcoin experienced a 9.94% increase over the past 24 hours. Sonic’s price rise today is due to expanded buying activity from traders capitalizing on a recent decline, hoping for growth potential soon.
It was followed by Ronin (RON), which registered a 7.84% rise over the same period. The asset’s trading volume surged by 11.70%, highlighting a recent increased participation from traders and investors.
Pancakeswap (CAKE) took the third position with a 6.16% surge. The increase in CAKE’s price is due to whales’ activity. Big investors are increasingly withdrawing Pancakeswap tokens from exchanges. The move triggered excitement and optimism in the market; consequently creating growing buying interest for CAKE.
Aave (AAVE) settled on the fourth position with a 4.76% price hike, signaling increased market activity and favorable sentiment towards the Aave network. This shows that crypto enthusiasts are increasingly using the AAVE lending protocol.
Biget Token (BCB) secured the fifth spot with a 3.98% rise. This price surge reflects rising user interest in Bitget’s trading platform. Lately, BGB’s market cap has risen significantly, currently standing at $6.14 billion, making it the 24th largest asset in the entire crypto ecosystem. The asset is becoming a prominent participant in the exchange token landscape, positioning it as a competitor to BNB.
Others
Other tokens with outstanding performance in today’s market include the following:
Curve DAO Token (CRV) clinched position six with a price rise of 3.62%. It was followed by TRON, which registered an increase of 3.53%.
Celestia (TIA) settled on the eighth position with a 3.47% price upsurge. Lastly, Injective (INJ) and FTX token (FTT) took positions 9 and 10 respectively with price increases of 3.25% and 3.21% in that order.
