Crypto Market Plunges to $3.26T as Fear Grips Traders

The cryptocurrency market is grappling with a significant downturn today, as the global market capitalization has plummeted to $3.26 trillion following a 3.76% decline in the past 24 hours. Despite this, trading volume has surged by 3.72%, indicating heightened market activity amidst the selling pressure. The Fear & Greed Index has dropped to 35, reflecting a shift towards fear-driven sentiment as traders react to the market's downturn.

Bitcoin, the market's dominant asset, accounts for 60.92% of the total market capitalization. However, it has not escaped the broader decline, slipping by 1.4% in the past 24 hours. Although Bitcoin briefly touched a 24-hour high of $99,131.99, increasing sell pressure has pushed its price lower to $96k, contributing to the market's bearish mood.

Ethereum and Solana have been among the hardest-hit major altcoins, with Ethereum sliding 5.2% to $2,699.81 and Solana declining 6.1% as traders rushed to off-load riskier assets. Meanwhile, XRP has struggled, shedding 6.5% despite renewed optimism around its ETF filings.

Despite the market's free fall, a few tokens have managed to buck the trend. Berachain has skyrocketed to the 82nd rank by an astonishing 662.50%, leading the market in gains. XAUt, a gold-backed coin, posted a modest 0.59% increase, while TRX recorded a 0.34% gain.

On the losing side, ENA dropped 11.13%, WIF declined 10.89%, and PENGU fell by 10.43%, making them the worst performers of the day.

The market's correction is primarily attributed to profit-taking, increased regulatory concerns, and shifting macroeconomic conditions. Despite the recent declines, optimism remains high around XRP, especially with its ETF-related developments potentially driving long-term growth. Bitcoin continues to maintain a strong dominance at 60.92%, despite the broader selloff.