Cryptocurrency Market Tanks, Majority of Tokens Lose Ground

The cryptocurrency market is experiencing a downturn, with the majority of tokens trading in the red zone. The market capitalization has dropped by 2.47% to $2.31 trillion, and the total crypto market trade volume has surged by 14% to $60.71 billion. Top coins such as Bitcoin, Ethereum, Solana, Dogecoin, and XRP have recorded dips within the last 24 hours.

Global Crypto Market Experiences Downtrend, Majority of Tokens Lose Value

As the new week commences, the global cryptocurrency market has embarked on a downward trajectory. The majority of tokens within the market are witnessing a decline in their value, as evidenced by the heat map provided by CoinMarketCap. This has led to a significant 2.47% decrease in the overall crypto market capitalization, which now stands at $2.31 trillion, a substantial drop of $58 billion within the last 24 hours. Paradoxically, the total crypto market trading volume has experienced a notable surge of 14%, reaching $60.71 billion over the past day.

Top Cryptocurrencies Record Losses

Prominent cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and XRP, have all registered drops in their prices within the recorded time frame.

• Bitcoin (BTC): The leading cryptocurrency, Bitcoin, has commenced the week with a 2.09% decline in its price, currently trading at $62,397. The 24-hour trading volume for Bitcoin has witnessed a significant 24.1% increase, reaching $21.9 billion. The market capitalization of BTC now stands at $1.22 trillion.
• Ethereum (ETH): The second-largest cryptocurrency by trade volume, Ethereum, has not been spared the market downturn. Ethereum's price has dropped by 5.18% over the past 24 hours, with its current value hovering around $3,138. The trading volume for ETH has increased by 7% to $13.9 billion within the same period, while its live market capitalization has reached $381 billion.
• Solana (SOL): Solana's price has also taken a hit, experiencing a 4.71% drop to trade at $135.79. Furthermore, the activity surrounding Solana, as reflected in its trading volume, has diminished by 7.94% to $2 billion. As a result, SOL's market capitalization now stands at $6.2 billion.
• Dogecoin (DOGE): Dogecoin, the popular meme cryptocurrency, has suffered the most significant loss among the top ten cryptocurrencies at the time of writing. According to CoinMarketCap data, DOGE prices have plummeted by 5.11%, bringing its current trading price to $0.1404. Consequently, Dogecoin's market capitalization has declined to $20.3 billion, and its 24-hour trading volume has reached $910 million.
• XRP: The price of XRP has dipped by 2.38%, trading at $0.507 at press time. This decline coincides with the impending deadline for the SEC to file its response in the ongoing lawsuit against Ripple, the issuer of XRP. However, the trading volume for XRP has surged by 74% to $1.02 billion in the last 24 hours. XRP's live market capitalization currently sits at $27.9 billion.

Top Gainers Amid Downturn

Despite the overall downtrend, a few cryptocurrencies have managed to buck the trend and experience notable gains.

• Panda Swap (PANDA): PANDA has recorded a 14% surge in the past 24 hours, currently trading at $0.010. Its 24-hour trading volume has also witnessed an exponential growth of 597% to $4.1 million, with a live market capitalization of $8.7 million.
• Helium (HNT): The Helium Network has emerged as the standout performer of the day. The HNT price has surged by a staggering 16.72% to $5.48, accompanied by an impressive 24-hour trading volume of $72.6 million, representing a 243% increase. Helium's live market capitalization has reached $882 million.