Summary
- Global crypto market cap fell 2.09% to $2.62 trillion in 24 hours.
- TRON dropped 8.32% to $0.3029, the worst performer among top coins.
- Quant led gainers, rising 5.27% to $199.74.
The broader crypto market shed roughly $56 billion in value over the past 24 hours, with Bitcoin's dominance holding steady at 59.2% of total market capitalization even as the asset class absorbed shocks from a $6.3 billion exchange hack at Binance. Total trading volume reached $78.3 billion. Ethereum, by contrast, posted a modest gain of 0.59% to trade at $2,251.97, suggesting the sell-off was uneven rather than a broad flight from risk.
TRON fell 8.32% to $0.3029, the largest decline among the 22,670 active cryptocurrencies tracked, and also appeared among the day's trending searches, where it fell 8.3% on elevated search interest. The token's slide coincided with reports that attackers behind the Binance breach were racing to convert stolen stablecoins into assets that issuers could not freeze, prompting Tether and Circle to move to immobilize billions of dollars tied to the theft. Binance has said it has replenished 90% of the stolen assets and is targeting a Sunday resumption of withdrawals, with less-liquid tokens accounting for the remaining shortfall.
Among smaller tokens, the trending charts showed sharp volatility. Super Inu surged 54.1% to $0.02366 and Super Pepe climbed 34.6% to $0.01986, while Lighter gained 15.7% to $3.13 and Kinetiq rose 13.3% to $0.56. Pearl, ranked 100th by market capitalization, fell 5.74% to $1.45, and Collector Crypt dropped 4.2% to $0.2399.
Quant led the day's gainers among larger-cap tokens, rising 5.27% to $199.74, followed by Chainlink, up 4.91% to $11.80, and Aave, up 4.01% to $133.35. Gram, the token previously known as Toncoin, advanced 3.41% to $1.21, while NEAR Protocol rose 2.62% to $4.44. On the losing side, MemeCore fell 5.3% to $0.9085 and Bitcoin Cash declined 1.94% to $284.18, both trailing TRON's losses.
The market moves came as Bitcoin marked its 18th anniversary amid renewed scrutiny of exchange security following the Binance breach, described as the largest in crypto history. A Strive Asset Management executive said Bitcoin had held up better than expected given the scale of the hack, though he cautioned it remains too early to determine whether the market has found a bottom. Separately, blockchain analytics firm Chainalysis disclosed a cybersecurity incident exposing non-sensitive customer data, adding to a string of security-related headlines weighing on sentiment across the industry.