Many crypto assets faced volatility issues recently, leading to the crypto market heatmap dominated by red. It has not happened for the first time, as with the start of the second quarter of 2024, the crypto market is going through major price fluctuations and volatility issues.
It clearly demonstrates a market fall today where the cryptocurrencies are dipping. Many will be terrified of the market crash and might end up selling their crypto, initiating selling pressure.
In this blog, let us discuss why the crypto market is falling today.
Overview Of Crypto Market
The global crypto market cap is $2.53 Trillion and has faced a decrease of 4.38% in the last 24 hours. The trading volume has also decreased to $96.15 Billion.
Though there is no major price fall in the case of Bitcoin and Ethereum, the cryptocurrencies like dogwifhat, wormhole, and a few other meme coins have dropped heavily. Talking of the meme coins, the overall market cap has decreased by 6.39%, whereas the trading volume is trying to make a comeback.
Also Read: Ripple CEO Brad Garlinghouse’s Crypto Prediction For 2024
Earlier, the Solana network was trending and has dominated the crypto market. Now, the Solana ecosystem has faced a 3.37% drop in market cap. This overall crypto market fall has also affected the stablecoins, as the market cap decreased by 0.14%.
Compared to the rest of cryptocurrencies, AI altcoins have dropped the most. The AI ecosystems market cap has dropped by 6.48% and the trading volume is down by 7.78%.
Why Is The Crypto Market Falling Today?
Market volatility often leads to such price falls, crashing the crypto market. Reasons, like Market Sentiments and entering the correction zone, have been associated with this fall.
Market Sentiments
The fear and greed index data has shifted from yesterday’s score of 79 to 75, which is a shift from an almost too-greedy zone to a just greedy zone. It shows an increased selling pressure in the crypto market where the investors sell their cryptocurrencies instead of buying or HODL them.
Though the current sentiment shift has not been that huge, but compared to the March data, the market is…
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