The total market capitalization of cryptocurrencies has fallen by 58 billion dollars in the last 24 hours, standing near 2.91 trillion dollars. This drop occurred after a failed attempt to reclaim the 3 trillion dollar level. The weak follow-up generated caution, as investors reassessed the risk after the breakout failure.
Today's pullback was amplified by long position liquidations, which accelerated selling pressure. The forced exits fueled fear in the derivatives markets, pressuring spot prices. If the liquidation-driven weakness persists, TOTAL could fall towards the 2.85 trillion dollar level, increasing the risk of decline and reinforcing short-term bearish momentum.
A recovery remains possible if bullish momentum returns. Improved sentiment and stabilization of derivatives conditions could attract new capital inflows. In that scenario, the cryptocurrency market capitalization could rebound and re-test the 3 trillion dollar threshold, indicating renewed confidence in major digital assets.
BTC
86,749.36
-0.74%
PAXG
4,506.85
+0.01%
