Crypto Market: Altcoin Season Slows, Bitcoin Leads
The global cryptocurrency market cap currently stands at US$2.91 trillion, reflecting a minimal 0.04% drop over the last 24 hours. Despite this slight decrease, the market remains robust with an impressive 24-hour trading volume of US$94.01 billion.
Bitcoin continues to hold the largest share of the market, commanding 63.4% dominance, followed by Ethereum at 7.2%. In terms of trending coins, SUI has gained notable attention, rising by 9.61% to $3.31, while ONDO saw a 6.29% increase, priced at US$0.9559.
SUI, ONDO, INIT, ADA, and POL lead the charge in trending cryptocurrencies. INIT has posted the most impressive growth among them, surging 19.41% to US$0.7753.
The Fear & Greed index remains neutral at 52, indicating market indecision as traders await further signals. Altcoin season has cooled off, sitting at a 17 out of 100, as Bitcoin's dominance continues to overshadow altcoins. Bitcoin's price has climbed slightly, reaching S$93,177.31, up by 0.12% in the last 24 hours, with a market cap of US$1.85 trillion and a 24-hour trading volume of US$33.7 billion.
Ethereum has experienced a 2.21% uptick, priced at US$1,750.19, with a market cap of US$211.28 billion.
XRP and BNB also saw positive movement, increasing by 1.39% and 1.07% respectively.
In other news, a new Bitcoin giant, Twenty One Capital, backed by Tether and SoftBank, is launching with over 42,000 BTC (worth US$3.6 billion). The firm, led by Strike's Jack Mallers, aims to rival Michael Saylor's Bitcoin strategy and is set to go public under the ticker XXI. This is one to watch as the competition heats up in the crypto space.
Despite slight fluctuations, the crypto market remains dynamic with coins like SUI, INIT, and POL gaining traction. As Bitcoin maintains its dominance, the market's overall sentiment appears neutral, with traders eyeing further developments, particularly in the face of new entrants like Twenty One Capital. Related
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