by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is down today, with the cryptocurrency market capitalization decreasing by 4.9%, falling to $3.67 trillion.
  • Of the top 100 coins, 97 have dropped over the past 24 hours.
  • At the same time, the total crypto trading volume is at $234 billion.
  • At the time of writing, all top 10 coins per market capitalization have seen their prices decrease over the past 24 hours.

What Happened

Crypto Winners & Losers

Ethereum (ETH) is down by 6%, now changing hands at $3,764.

The smallest drop is 4.3% by Tron (TRX), now standing at $0.3079.

Market Context

The crypto market is down today, with the cryptocurrency market capitalization decreasing by 4.9%, falling to $3.67 trillion. Of the top 100 coins, 97 have dropped over the past 24 hours. At the same time, the total crypto trading volume is at $234 billion.

At the time of writing, all top 10 coins per market capitalization have seen their prices decrease over the past 24 hours.

Bitcoin (BTC) decreased by 4.5% since this time yesterday, currently trading at $105,732.

The highest drop in the category is 10% by Binance Coin (BNB), now trading at $1,064.

It’s followed by Dogecoin (DOGE)’s 9.3% to the price of $0.179.

The recent major downturn was caused by a wave of massive liquidations exceeding $19 billion, boosted by the US–China trade tension and related threats coming from the US. Following this drop, the market is having a hard time re-establishing a basis for another leg up.

Meanwhile, Dom Harz, Co-Founder of BOB, commented that despite the liquidations and price fluctuations we’ve seen this week, Bitcoin DeFi’s TVL has remained relatively steady.

Moreover, “with growing mainstream and institutional adoption, Bitcoin’s maturation is clear. We are likely to see Bitcoin move more in tandem with other financial markets as it moves closer to becoming a core component of the global financial system.”

The price is still trending lower at the moment and is about to step into the $104,900 zone. After that, it may proceed to $103,500 and below $100,000.

Why It Matters

We Could See a ‘Much Deeper Correction’

Analysts at Glassnode found that BTC stands between key support levels. However, they wrote, a break below $99,900 could lead to “a much deeper correction.”

Details

Looking at the top 100 coins, 97 are down. Among these, more than 30 recorded double-digit falls.

ChainOpera AI (COAI) fell the most: 22.8% to $17.71.

It’s followed by Zcash (ZEC), which decreased by 19.9% to $193.

The green coins are PAX Gold (PAXG), Tether Gold (XAUT), and Figure Heloc (FIGR_HELOC). These are down 2.8%, 2.3%, and 1.9%, respectively.

“This highlights that there is a strong conviction in Bitcoin as a utility asset, not just a store of value. It’s important not to let these short-term movements distract from Bitcoin’s, and indeed Bitcoin DeFi’s, true trajectory,” he argues.

Consequently, this momentum will also drive technological developments in Bitcoin DeFi. The institutions holding BTC “will want to unlock Bitcoin’s utility and put their assets to work by securely deploying BTC natively into DeFi protocols.”

Levels & Events to Watch Next

At the time of writing on Friday morning, BTC trades at $105,732. The coin recorded a sharp drop from the intraday high of $111,758 to the low of $105,149.

Overall, BTC has declined 13.3% in a week and 10.5% in a month.

Ethereum is currently changing hands at $3,764. It started the day at $4,068 but then plunged to $3,744.