After a massive rally in December 2023 and then in the first week of 2024, cryptocurrencies seem to have undergone a sudden shift in sentiment.
Bitcoin's price remained above $43,000 in morning trading on Monday — but has fallen from the highest levels in nearly two years hit earlier this month. All 10 cryptocurrencies fell in terms of market capitalization in the past 24 hours.
As bets that the US Securities and Exchange Commission (SEC) would give its blessing to a Bitcoin spot exchange-traded fund (ETF) became bolder, the federal regulator issued a “fear of missing out” warning to investors. The SEC's warning appears to have upset investors.
The OG Bitcoin cryptocurrency has fallen by 1% in the past 24 hours. At press time, Bitcoin's price stood at $43,610 while Bitcoin's market cap had fallen to $854.6 billion. Trading volumes in the past 24 hours jumped by more than 28% to reach $21 billion.
The second largest cryptocurrency, Ethereum, also saw a 2.2% decline in its price. As of the time of writing, ETH is at $2,199, and its market capitalization has fallen to $264.3 billion. However, trading volumes rose by more than 29% to $7.7 billion over the past 24 hours.
Small tokens, or altcoins, also bled out, with BNB price down nearly 4%, Solana (SOL) down over 5.5%, XRP down 0.9%, and Cardano (ADA) down nearly 9%.
Bearish sentiment was also reflected in the global market capitalization of cryptocurrencies, which fell more than 2.5% over the past 24 hours to $1.61 trillion. The Fear and Greed Index reached 67, indicating that investor sentiment was weak.
Top 3 digital currencies for today
Pepe coin price drops by more than 10%
Pepe's price fell more than 10% to $0.000001062 in the past 24 hours, wiping out a significant portion of its market cap, which shrunk to $447.3 million. However, trading volumes over the past 24 hours rose by more than 26% to 85.1 million%.
Shiba Inu (SHIB) price drops 8%
The Shiba Inu meme saw its price fall more than 8% to $0.0000088 over the past 24 hours, with its market capitalization falling to $5.2 billion. However, trading volumes over the past 24 hours rose by more than 46% to $170.8 million, indicating growing retail interest in the meme coin.
Lido DAO (LDO) prices drop by 8.5%
After an impressive 14% rise last week, Lido DAO's price fell more than 8.5% to $2.85, bringing its market capitalization down to $2.53 billion. Meanwhile, trading volumes over the past 24 hours fell by 16% to $176.4 million, indicating decreasing retail interest in the token.
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