Crypto Market Plunges: Bitcoin, Ethereum Slip Amidst Volatility

The cryptocurrency market has witnessed a significant downturn, with the total market capitalization dropping by 8.46% to $2.86 trillion in the past 24 hours. Trading volume surged by 115.29% to $186.48 billion, indicating increased activity as investors reacted to the market decline. The Fear & Greed Index stood at 29, reflecting a cautious sentiment among market participants.

Bitcoin, the leading cryptocurrency, experienced a 3.19% decline in the last 24 hours, trading at $85,737.78 after touching a low of $82,131.90. Despite the drop, Bitcoin's dominance remained high at 61%, demonstrating its strong influence on the market.

Ethereum, the second-largest cryptocurrency, extended its downward trend, falling by 5.50% to $2,340.91. Other major altcoins, such as XRP and Solana, also suffered losses, sliding by 2.96% and 1.44%, respectively. The shift in investor sentiment has made it challenging for major altcoins to regain ground.

Amid the broader market downturn, some tokens managed to buck the trend. IP surged by 12.61% to $6.54, leading the top gainers, while OP climbed by 9.72% to $1.18 and APT gained 8.82% to $6.12. However, other tokens, such as BGB and KAS, saw significant declines, falling by 7.07% and 5.68%, respectively.

As the market enters a phase of heightened volatility, investors are left wondering, "When will crypto go back up?" and "Is the crypto bull run over?" Analysts believe that this correction phase is a temporary setback before the market resumes a bullish trend, potentially leading to an altseason.