News - Market update: Crypto market remains under pressure
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The crypto market remains tense. The total market capitalization is again down 1.4% from the previous day and currently stands at $2.8 trillion. The Fear & Greed Index remains in the "fear" category with 32 points, indicating that investors remain cautious.
Despite the overall downward trend, there are some positive outliers at the top of the market. Bitcoin rose 1.2% on a daily basis and now stands at $83,200. Ethereum posted a 2% gain, approaching the psychological barrier of $2,000 - at the time of writing it stands at $1,930.
Other major cryptocurrencies, such as XRP, Solana, Cardano and Dogecoin, also saw modest increases of up to 2%.
The biggest riser within the ten largest crypto currencies is Tron, with a gain of nearly 5% over the past 24 hours. On the other hand, BNB was the only major crypto coin to lose ground, falling 2%.
Within the top 100, EOS was the absolute outlier, with an impressive 25% increase. Maker and Hyperliquid also did well, each with a plus of 10%.
Despite these positive moves, crypto investors remain cautious. Although it appears that the market has found a bottom, it currently lacks clear momentum for a sharp rise.
According to Ki Joung Ju, CEO of CryptoQuant, the "Bitcoin bull run is over." Still, not all analysts are equally pessimistic. Charles Edwards, founder of Capriole Investments, points out that this cycle of Bitcoin has been mostly flat, in contrast to the surge in the previous cycle. He expects the market may recover soon.
In addition, Edwards notes that 2025 could be a tipping point, in part because of possible changes in monetary policy and economic factors such as trade tensions.
Whether Bitcoin and the broader crypto market are actually on the verge of a rise will have to be seen in the coming period.