Summary
- Bitcoin dropped 5% to $69,200, falling under its 200-week moving average.
- Hyperliquid's HYPE token rose 5.6% to $74.19 even as broader market fell.
- Total crypto market capitalization stands at $2.35 trillion, down 6.15% in a day.
The global crypto market capitalization fell to $2.35 trillion, a decline of 6.15% over the past 24 hours, according to CoinGecko data. Bitcoin, which accounts for nearly 59% of total market value, slid 5% to $69,200, dipping below the $70,000 threshold and touching its 200-week simple moving average for the first time since August. Ethereum fell 3% to $1,957.53, while Solana dropped 1.75% to $80.65. Trading volume across the sector reached $100.8 billion in the past day.
The decline comes amid thinning market liquidity and reports of exchange-traded fund outflows, factors that have pressured sentiment in recent sessions. Elevated leverage in derivatives markets has also been cited as a contributor to the sharper price swings. Bitcoin's break below its long-term trend line has drawn attention from market watchers, with some pointing to $57,700 as a potential downside level if current conditions persist.
Not every asset moved lower. Hyperliquid's HYPE token gained 5.6% to $74.19, bucking the broader downturn and landing atop CoinGecko's list of 24-hour gainers among major tokens. NEAR Protocol rose 3% to $3.54, Pepe gained 3.9%, and MemeCore added 3.9% to reach $0.82. HYPE also appeared among trending searches, alongside Lighter, which climbed 5.3% to $3.26.
The steepest losses among widely tracked tokens hit Toncoin, now trading under the ticker GRAM following a rebrand, which fell 8.6% to $1.15. WhiteBIT Coin dropped 4.3% to $67.17, and Monero declined 4.1% to $533.41. Bitcoin itself ranked among the day's larger losers in percentage terms relative to its market capitalization size, a notable move for an asset of its scale.
Elsewhere, the token AKE tied to the Akedo project surged more than 143% to $0.00625, the most dramatic move in CoinGecko's trending list, though it remains ranked 200th by market capitalization and carries a far smaller market footprint than top-tier assets. Ethereum's dominance of total crypto market value held at 10.1%, while active cryptocurrencies tracked by CoinGecko numbered 22,236. The divergence between large-cap weakness and pockets of strength in tokens like HYPE and AKE underscores a market still searching for direction after a volatile week.