Bitcoin is trading around $99,000, and the upward trend is intact even as most other cryptocurrencies are in the red zone. In an X post on Monday, the analytical platform CryptoRank highlighted that the overall capitalization of the cryptocurrency market has fallen while Bitcoin’s share of the market has risen. Nevertheless, many of the top altcoins are trading with considerable losses.
Major Altcoins Face Declines
According to platform findings, several of the biggest cryptocurrencies are in the red zone. XRP shed 5.40%, DOGE fell by 4.78%, and ADA slid by 4.74%. This decline in altcoins led to a 1.86% decline in the market capitalization, which now stands at $3.81 trillion.
Despite the overall market remaining in the red zone, Bitcoin is still going strong. Bitcoin dominance stands at 51.61%, which is up by 2.05%. The investor sentiment is quite positive, as pointed out by the Fear & Greed Index, which stands at 78 and denotes ‘Extreme Greed.’ This sentiment is often a precursor to market corrections, as speculative behavior increases during rapid price rises. Although the present situation is in favor of Bitcoin and the current attitude points to greed, it is crucial to be cautious.
Smaller Tokens Show Gains
Over the last 24 hours, Bitcoin has plummeted by a marginal 1.85%, trading at $98,266 at press time. However, other cryptocurrencies, especially the smaller ones, have been making major strides. The highest increase in value goes to Eagle AI (EAI), which rose by 113.6%. This is followed by SKICAT, which rose by 99.9%, and DeFiChain (DFI), which rose by 97.2%. Realis Worlds (REALIS) also gained 60.4%. Of course, not all digital assets are affected by the bearish market.
While the entire crypto market is sending mixed signals, Bitcoin is still standing strong above the $98k level, which is why it can be considered the anchor of stability amid the oscillations of other coins. These developments will be of interest to traders as they attempt to square Bitcoin’s positive outlook with other market areas that have large volatilities.
