Crypto Market Slumps, Bitcoin Holds Strong; Altcoins Mixed

The crypto market today witnessed a downturn, with the overall market capitalization declining by 2.89% to $3.13 trillion. Despite this, trading volume surged by 8.71% to $105.22 billion, indicating a high level of activity in the industry. The Fear & Greed Index remained at 35, reflecting a cautious market sentiment.

Bitcoin (BTC) held firm above the $95K level, despite a 2.57% drop in the last 24 hours. Large investors, or whales, have increased their short positions, suggesting a guarded outlook among them. However, Bitcoin's dominance remained strong at 60.43%, highlighting its continued influence over the broader market.

Among the altcoins, Ethereum (ETH) and Solana (SOL) experienced declines of 3.75% and 4.38%, respectively. XRP also fell by 3.48%, reflecting a bearish sentiment in the larger altcoin market as traders adopted a risk-averse approach.

FTX Token (FTT) emerged as the top gainer, surging by 5.11% to $2.07. Sonic and Monero also witnessed gains of 2.96% and 1.76%, respectively. On the other hand, ENA plummeted by 11.58% to $0.4356, with CRV and TIA also facing significant declines.