War Clouds Darken Crypto Sphere

Rising geopolitical tensions in the Middle East dragged down cryptocurrencies while safe-haven demand held the U.S. dollar mostly firm above the flatline. Overall crypto market capitalization slipped more than 4 percent overnight while Bitcoin touched a low of $60,189 and Ether touched a low of $2,415 in the past 24 hours.

Aggregate market capitalization of cryptocurrencies which stood at $2.26 trillion a day earlier is currently at $2.16 trillion. It had fallen to $2.12 trillion earlier in the trade.

Market capitalization of the memes category slipped 8.5 percent overnight to $46.9 billion, accounting for a market share of 2.2 percent.

Market capitalization of the AI& Big data category also dropped 8.7 percent overnight to $35.7 billion implying a market share of 1.65 percent.

Amidst the risk aversion, market capitalization of the not-so-volatile stablecoins increased 0.06 percent to $173 billion or 8 percent of the overall crypto market.

Among the top 100 cryptocurrencies, only 5 are trading with overnight gains of more than a percent whereas only 21 are trading with weekly gains of more than a percent.

63rd ranked Mantra (OM) is the highest-ranking non-stablecoin cryptocurrency to trade with overnight gains of more than a percent. OM has added 3.8 percent overnight.

7th ranked XRP(XRP) is the highest-ranking non-stablecoin cryptocurrency to trade with weekly gains of more than a percent. XRP has gained 1.2 percent in the past week.

Bitcoin is currently trading at $61,539.24, around 17 percent below the all-time high recorded in March 2024. Bitcoin has slipped 3.9 percent overnight and 3.4 percent in the past 7 days. Year-to-date gains have fallen to 45.5 percent.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. which showed a net outflow of $243 million on Tuesday versus the net inflow of $61 million a day earlier also reflected the changed market sentiment.

Ethereum is currently changing hands at $2,468.85, around 50 percent below the all-time high. Ether has slipped 6.6 percent overnight and 5.9 percent in the past 7 days. Year-to-date gains have fallen to a little over 8 percent.

Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed net outflows rising to $49 million on Tuesday from $1 million a day earlier.

Bitcoin’s crypto market dominance has jumped to 56.2 percent from 55.8 percent a day earlier. In contrast, Ethereum’s share of the overall crypto market has fallen to 13.7 percent from 14.1 percent a day earlier.

4th ranked BNB (BNB) dropped 4.7 percent overnight and 7.2 percent on a weekly basis to trade at $553.34.

5th ranked Solana (SOL) slipped 6.2 percent overnight and close to 2 percent over the past 7 days. SOL is currently trading at $147.20.

7th ranked XRP (XRP) slipped 5.3 percent overnight but is holding on to weekly gains of 1.2 percent to trade at $0.5958. Year-to-date losses are a little more than 3 percent.

Dogecoin (DOGE), ranked 8th overall has plunged more than 9 percent in the past 24 hours and 1.1 percent in the past week to trade at $0.1077.

9th ranked Toncoin (TON) declined 6.2 percent overnight and 4.1 percent over the past 7 days to trade at $5.46.

10th ranked TRON (TRX) declined 1.6 percent overnight but is holding on to gains of 2.6 percent over the past week. TRX is currently trading at $0.1543.

70th ranked Wormhole (W) topped overnight gains with a surge of more than 21 percent. 84th ranked FTX Token (FTT) also gained 8.1 percent overnight.

59th ranked Arweave (AR) topped overnight losses among the top 100 cryptocurrencies with a decline of 15.6 percent. 82nd ranked Starknet (STRK), 94th ranked ORDI (ORDI), 81st ranked Notcoin (NOT), 78th ranked Core (CORE) and 66th ranked Lido DAO (LDO), all dropped more than 13 percent in the past 24 hours.

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