Bitcoin Drops Below $100K as Broader Digital Asset Market Experiences a Significant Decline

Despite the drop, the market is witnessing important trends associated with AI, RWA, and DePin narratives.

The broader digital asset market experienced a significant decline on Wednesday, March 1. Despite the drop, the market is witnessing important trends associated with AI, RWA, and DePin narratives.

Over the past 24 hours, the wider market valuation decreased by 2.20% to $3.15 trillion while transaction volume rose by 6.75% to $126.79 billion. The fear and greed index saw a further decrease to 44, suggesting fear in the market.

Most crypto prices are down today amid macroeconomic uncertainty and the bearish sentiment among traders. The looming tariff war is the key catalyst for market plunges.

Here are the key market highlights for March 1.

Bitcoin Below $100K

BTC saw a further decrease to a low of $96,867 after registering a fall of 1.31% over the past 24 hours. However, its dominance grew by 60.86% to $1.91 trillion and its trading volume rose by 8.68% to $48.59 billion, indicating heightened market activity.

Altcoin Market Down

Major tokens in the altcoin sector are down today, with the likes of ENA, SPX, PEPE, and WIF experiencing decreases of over 10%. Ether, the second largest cryptocurrency, recorded a price decline of 4.07% to currently trading at $2,725.

XRP, Solana, Dogecoin, and Cardano are also down 6.14%, 4.06%, 5.18%, and 5.33% respectively. Only BNB and TRON are seeing green, up slightly by 0.93% and 0.65%.

Top News

Here are the most significant events that happened over the past 24 hours in the market.

First, Solayer, a restaking platform, announced a TGE, which will allow the official release of its native token (LAYER) and make it available for buying by the public. It also announced an upcoming airdrop program that is set to offer free tokens to eligible investors.

Elsewhere, a Netherlands court granted Tornado Cash developer, Alexey Pertsev, a supervised release from prison after almost two years in Dutch custody. Pertsev has been pursuing his appeal after a Dutch court found him guilty of money laundering in May 2024. Despite his release, he is still under control and subject to electronic monitoring.

Ondo Finance announced the launch of its L1 protocol, popularly known as Ondo Chain, which aims to accelerate institutional adoption of tokenized RWAs. The L1 protocol will be responsible for tokenizing RWAs as part of efforts to link traditional investment markets with the DeFi world.

Top Gainers

Today’s top gainers in the cryptocurrency market are quite different with some familiar names.

FPI Bank (FPIBANK) emerged as the best performer in the market. It experienced an impressive price surge of 63.8% over the past 24 hours. It was followed by Vita Inu (VINU), which recorded an incredible rise of 52.3% over the same period.

Aventus Network token (AVT) came third after registering a price uptick of 41.6%. Lastly, MEMDEX100 (MEMDEX) and Gems VIP (GEMS) closely followed each other with 37.3% and 36.6% price rises respectively.