Crypto Market Plunges: Altcoins Bleed as Bitcoin Stalls

The cryptocurrency market is currently experiencing a significant downturn, with the majority of top 10 altcoins witnessing substantial losses. While Bitcoin (BTC) has shown some resilience, many altcoins are in the red, leaving investors feeling uncertain about the market's direction.

Bitcoin, the market leader, is trading at $99,780, with a slight 2.59% gain in the last 24 hours. However, it has not yet experienced the expected bullish surge. Ethereum (ETH), priced at $3,104, has seen a 5.93% drop in the last 24 hours, indicating broader weakness across the altcoin market.

XRP ($2.85) has also faced a decline, despite an initial rally, down 6.47% in the past 24 hours. Similarly, Solana (SOL) has had a rough patch, with a 9.57% decrease over the past 24 hours and a 18.75% drop in the past week. Binance Coin (BNB) has followed the downward trend, seeing a 3.45% dip.

Tether (USDT) and USD Coin (USDC), the major stablecoins, have remained stable at $1.00, but they are not benefiting from the market’s volatility. Other altcoins like Dogecoin (DOGE), Cardano (ADA), and TRON (TRX) have also struggled, showing minimal to moderate declines in the past 24 hours.

The total market cap of cryptocurrencies currently sits at $3.38 trillion, but the broader market sentiment remains weak. With Bitcoin dominance at 58.55%, many are waiting for the market to find direction, as investors are cautious in the face of the ongoing downturn. The Fear & Greed index sits at 54, hinting at a neutral stance amid uncertainty.