After a massive rally in December 2023 and then the first week of 2024, cryptocurrencies appear to have been caught up in a sudden shift in sentiment.
Bitcoin price remained above $43,000 in morning trading on Monday – but has fallen from a near two-year peak hit earlier this month. All ten cryptocurrencies by market capitalization have declined in the last 24 hours.
Just as bets that the U.S. Securities and Exchange Commission (SEC) would give its blessing to a spot Bitcoin exchange-traded fund (ETF) grew bolder, the federal regulator issued a “fear of missing out” -Warning to investors. The SEC's warning appears to have caused dissatisfaction among investors.
The OG cryptocurrency Bitcoin is down 1% in the last 24 hours. At press time, BTC price was at $43,610 while Bitcoin's market cap fell to $854.6 billion. Trading volume increased over 28% to $21 billion in the last 24 hours.
The second largest cryptocurrency Ethereum also saw a price decline of 2.2%. At the time of writing, ETH price was at $2,199 and the market cap fell to $264.3 billion. However, trading volume increased over 29% to $7.7 billion in the last 24 hours.
Smaller tokens or altcoins also collapsed: BNB price fell almost 4%, Solana (SOL) price plunged over 5.5%, XRP price slipped 0.9% and Cardano (ADA) -Price fell by almost 9%.
The bearish sentiment was also reflected in the global crypto market cap, which fell over 2.5% to $1.61 trillion in the last 24 hours. The fear and greed index reading was 67, suggesting investor sentiment was subdued.
Top 3 cryptos for today
Pepe Coin Price Falls Over 10%
Pepe price plunged over 10% in the last 24 hours to $0.000001062, wiping out a significant portion of its market cap, which shrank to $447.3 million. However, trading volume increased by over 26% to 85.1 million% in the last 24 hours.
Pepe price chart
Shiba Inu (SHIB) price falls by 8%
The price of the Shiba Inu meme coin fell over 8% in the last 24 hours to $0.0000088, while its market cap fell to $5.2 billion. However, trading volume increased by over 46% to $170.8 million in the last 24 hours, indicating growing retail interest in the meme coin.
Shiba Inu (SHIB) price chart
Lido DAO (LDO) price falls by 8.5%
After a magnificent 14% rally last week, Lido DAO's price plunged over 8.5% to $2.85, dropping its market cap to $2.53 billion. Meanwhile, trading volume fell 16% to $176.4 million in the last 24 hours, indicating waning private interest in the token.
Lido DAO (LDO) price chart; Photo credit: CoinMarketCap
Also Read: Blackrock Positions $2 Billion for Upcoming US Bitcoin ETF Approval
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