The decline in the cryptocurrency market is deepening, with the “fear” index falling to 14 points, APA-Economics reports, citing the CoinMarketCap platform.
Selling pressure in the cryptocurrency market continues. According to the data, the global cryptocurrency market capitalization decreased by 4.33% over the past 24 hours, dropping to $2.23 trillion.
The price of Bitcoin, the market’s leading asset, fell by 4.61% to $64,849. Ethereum also lost 5.72% in value, settling at $1,860.
Declines were also recorded among other major altcoins. BNB dropped by 5.40% to $587, Bitcoin Cash fell by 5.04% to $539, Monero decreased by 4.11% to $310, Zcash declined by 6.96% to $238, and Bittensor (TAO) fell by 7.07% to $165.
The CMC20 index, which reflects the overall market dynamics, also declined by 4.91% to 133.15 points.
At the same time, the Fear & Greed Index, which measures investor sentiment, stood at 14 points, indicating that the market remains in a phase of extreme “fear.”
Meanwhile, gains have been observed in gold-backed tokens. PAX Gold (PAXG) and Tether Gold (XAUt) increased by 0.96% and 0.99%, respectively. This trend suggests that investors are shifting away from riskier assets toward more stable instruments.
Analysts believe that amid the current downturn, short-term volatility in the market will remain high.
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