Relative decline observed in crypto market

Mixed dynamics were observed in the prices of major assets in the cryptocurrency market over the past 24 hours,  citing the CoinMarketCap platform.

The total capitalization of the global cryptocurrency market has formed at around $2.39 trillion.

Over the past 24 hours, the price of Bitcoin decreased by 0.22%, settling at $70,017.88. At the same time, BTC’s market capitalization amounts to $1.40 trillion. Over the past 7 days, Bitcoin’s price has increased by 3.19%.

Meanwhile, Ethereum, the second-largest cryptocurrency in the market, fell by 0.16% over the past day and is trading at $2,036.72. Ethereum’s market capitalization stands at $246.7 billion.

Daily declines were also recorded in other major cryptocurrencies. The price of BNB fell by 0.42% to $643.60, Solana dropped by 0.62% to $157.47, XRP decreased by 0.64% to $0.526, Dogecoin declined by 0.63% to $0.158, and Cardano fell by 0.30% to $0.418.

At the same time, the CoinMarketCap 200 (CMC200) index, which reflects the overall dynamics of the market, decreased by 0.03% over the past 24 hours to $142.61. However, the index has increased by 2.87% on a weekly basis.

According to analysts, the short-term decline in the cryptocurrency market is mainly driven by investors partially reducing their positions in risk assets amid rising geopolitical tensions in the Middle East, as well as profit-taking following previous price increases. Nevertheless, the high level of liquidity in the market indicates that interest in crypto assets continues in the medium term.