The Crypto Market Condition
The cryptocurrency market is experiencing a significant pullback following a period of record-breaking gains. The total crypto market capitalization stands at $4.03 trillion. This is a decline of 3.5% over the last 24 hours. This correction came after new all-time highs for Bitcoin and major altcoins. The recent volatility is fueled by macroeconomic news and regulatory developments.
Market Sentiment
Fear & Greed Index: Currently signals "Greed" at a score of 60, but risk appetite is showing signs of cooling.
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The Altcoin Season Index is at 44/100, indicating that Bitcoin still dominates market dynamics but altcoins are slowly gaining momentum.
Recent Price Action
Bitcoin (BTC): Briefly traded above $124,000 and set a new record high on August 14, before dropping below $119,000—a decline triggered by negative macroeconomic sentiment. Intraday, BTC witnessed further volatility, dipping to $116,983.
Ethereum (ETH): Outperformed Bitcoin over the last week, with a rally that brought it close to $4,700, riding on strong ETF flows and broader adoption news. Still, it too is retracing in response to renewed selling pressure.
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Besset words may have trigger this decline in the crypto market.