WASHINGTON (dpa-AFX) - Cryptocurrencies plunged close to 9 percent in the past 24 hours as world markets were rattled by the escalation in trade war between the U.S. and trading partners.
Overall cryptocurrency market capitalization is currently at $3.06 trillion, implying an overnight decline of 8.8 percent. The 24-hour trading volume has jumped 173 percent to $336 billion.
Among the top 100 cryptocurrencies, only 2 are trading with gains on an overnight basis. Likewise, only 7 are trading with gains on a weekly basis. Only close to 20 cryptocurrencies are trading with gains on a year-to-date basis.
Bearish sentiment reverberated across the crypto spectrum, with memes slipping 17 percent, AI & Big data losing 17.4 percent and DeFi declining 12.8 percent in market capitalization during the past 24 hours.
Bitcoin dominates 61 percent of the overall crypto market with a market capitalization of $1.9 trillion. Ethereum's decline in market capitalization to $317 billion, has dragged down the leading altcoin's market share to 10.06 percent. With a market capitalization of $224.3 billion, stablecoins amount to 7.2 percent of the overall crypto market.
In the global ranking of all assets as per market capitalization published by companiesmarketcap.com, Bitcoin continues to maintain the 7th rank overall. Amidst an overnight decline of 15 percent, Ethereum has however slipped to the 37th position in the overall ranking.
Bitcoin dropped 3.1 percent overnight to trade at $96,264.88, around 12 percent below the all-time high. BTC has lost 4.9 percent in the past week and 1.8 percent over the past 30 days. The original cryptocurrency is, however, holding on to gains of 3.1 percent on a year-to-date basis. The 24-hour trading range was between $99,355.47 and $91,242.89.
Data from Farside Investors showed that Bitcoin Spot ETF products in the U.S. recorded inflows of $319 million on Friday versus $588 million a day earlier.
Ethereum has slipped 15.1 percent in the past 24 hours to trade at $2,630.39, around 46 percent below the previous peak recorded in November 2021. Weekly losses are close to 16 percent. Ether traded between $3,090.40 and $2,159.28 in the past 24 hours.
Latest data revealed that inflows to Ethereum Spot ETF products in the U.S. edged down to $28 million on Friday from $68 million a day earlier.
4th ranked XRP (XRP) slipped 16.2 percent overnight to trade at $2.38, around 38 percent below the all-time high touched in January 2018. The cryptocurrency's weekly losses exceed 18 percent.
The price of 5th ranked Solana (SOL) decreased 7.2 percent overnight. With weekly losses of 15.7 percent, SOL is currently trading at $197.56, around 33 percent below its record high on January 19, 2025.
6th ranked BNB (BNB) declined 11.8 percent overnight and 13.5 percent in the past week at its current trading price of $574.34. BNB is currently trading 28 percent below the all-time high touched on December 4, 2024.
8th ranked Dogecoin (DOGE) dropped 15 percent overnight to trade at $0.2534. Having shed 21.5 percent in the past week, DOGE is trading 66 percent below the previous peak scaled in May 2021.
9th ranked Cardano (ADA) erased 18 percent overnight to trade at $0.7192. ADA is currently trading 77 percent below the record high touched in September 2021.
10th ranked TRON (TRX) lost 8.5 percent overnight to trade at $ 0.2201. TRX has shed 9.5 percent in the past week. The trading price is 50 percent below the cryptocurrency's all-time high recorded on December 4, 2024.
27th ranked MANTRA (OM) topped overnight gains with a surge of 1.8 percent. 50th ranked DeXe (DEXE), which gained 0.88 percent, is the only other cryptocurrency among the top 100 to trade in the green zone on an overnight basis.
93rd ranked dogwifhat (WIF) topped overnight losses with a decline of 31.5 percent. 47th ranked Filecoin (FIL) slipped 27.4 percent followed by 99th ranked Arweave (AR) that declined 27 percent. Gala (GALA), Celestia (TIA), Worldcoin (WLD), SPX6900 (SPX), Injective (INJ), all declined more than 25 percent in the past 24 hours.
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