The cryptocurrency market lost 2.9% of its value over the past 24 hours, with bitcoin falling below the $46,000 level and major digital assets posting broad-based losses. The move pushed the top ten cryptocurrencies down by roughly 3% to 7% in a single day, underscoring renewed weakness across the sector.
Bitcoin and Ethereum Lead the Pullback
At the time referenced in the report, bitcoin was trading at $45,738, down 3.7% on the day. Despite the latest decline, BTC was still up more than 90% on a year-to-date basis. However, the shorter-term picture had worsened materially, with bitcoin down 21.8% over the previous 30 days. Its market capitalization stood at approximately $864 billion, giving it a 38.6% share of the broader $2.24 trillion crypto economy.
Ethereum, the second-largest digital asset by market value, also moved lower. ETH changed hands at around $3,787 after declining 4.4% over the previous 24 hours. Its market capitalization was reported at roughly $448.8 billion, equivalent to about 20% of the total cryptocurrency market. With both bitcoin and ethereum losing ground at the same time, the broader market tone remained risk-off.
Only a Handful of Tokens Posted Gains
While most assets traded in the red, a small number of tokens managed to advance during the same period. Yearn Finance (YFI) rose 6.5%, Olympus (OHM) gained 3%, OKB added 2.8%, and LEO Token climbed 2.1%. Those isolated gains stood in sharp contrast to some of the steepest daily declines in the market.
Among the biggest losers cited in the report were Curve DAO Token (CRV), down 10%, Compound (COMP), off 10.5%, and Waves (WAVES), lower by 10.2%. At the time, the market included 11,836 cryptocurrencies traded across 533 exchanges worldwide, with $102.8 billion in global trading volume. The figures suggest that even as prices weakened, trading activity remained substantial.
Analyst View: Downward Pressure Still Dominates
Du Jun, co-founder of Huobi Group, said bitcoin resumed falling after briefly climbing above the $48,000 area over the weekend. According to his comments, BTC reached a high near $48,300 before turning lower and moving back toward $46,000. In his assessment, the asset remained in a relatively stable downward channel and could potentially break below the $45,500 level if selling pressure persisted.
Jun pointed to technical indicators on the 4-hour chart, saying they continued to show a bearish signal. He also noted that bitcoin was trading near the lower band of the Bollinger Bands while volume remained relatively subdued. On the daily timeframe, he described price fluctuations as more controlled in recent sessions, but emphasized that traders should continue watching downside momentum closely in the short term.
Ethereum Outlook Also Remains Weak
On ethereum, Jun said the asset declined steadily during the day, moving from a high of about $3,980 to a low near $3,760, before stabilizing around $3,780. He observed that price swings on the 4-hour chart had become more pronounced, interrupting the relative stability seen in prior days.
From a daily-chart perspective, however, he argued that the retreat effectively pulled ETH back into its broader downward channel, which in his view indicated that bearish force remained relatively strong. His near-term conclusion was that traders should pay close attention to how far the pullback extends if weakness in the broader market continues.
Market Focus Turns to Key Support Levels
The report paints a picture of a market that remains under pressure after a brief weekend rebound failed to hold. Bitcoin’s slip below $46,000 and ethereum’s concurrent weakness reinforced the idea that traders were still struggling to regain momentum. With the top assets setting the tone for the rest of the market, support levels such as $45,500 for bitcoin became central to short-term sentiment.
Although the year-to-date performance of bitcoin remained positive at the time, the sharp monthly decline and widespread losses across large-cap tokens highlighted how quickly market conditions can shift. For now, the combination of falling prices, weak technical structure, and cautious analyst commentary suggests that investors were continuing to navigate a fragile and defensive environment.