Bitcoin’s momentum has faltered, with the price hovering around $63,500 and its market capitalization dipping to $1.25 trillion. Bitcoin’s dominance over altcoins has slightly decreased, currently standing at just over 51.5%.
The overall cryptocurrency market has faced challenges, with most major coins experiencing minor losses. Stacks (STX) has seen the largest decline among the top coins, down 7.5% today. Cardano (ADA) and Bitcoin Cash (BCH) are also among the losers. However, NEAR Protocol and the meme coin PEPE have bucked the trend, posting notable gains of around 7% and 5%, respectively. Despite this mixed performance, the total crypto market capitalization is teetering close to $2.4 trillion, indicating a broader market downturn.
Among altcoins, Openfabric AI has surged over 50%, while meme coins like SLERF, BODEN, and PIZA have also seen significant gains. On the other hand, Blox and InSure DeFi have led the losers, declining by 22% and 16%, respectively.
This market correction follows a peak in March and has been exacerbated by the escalating tensions between Iran and Israel, as well as a shift towards safer assets amid a strong US dollar and the potential for prolonged high interest rates.
Despite the market challenges, the crypto space continues to innovate. For instance, the tokenization of home equity lines of credit (HELOC) on the Avalanche blockchain has attracted $10 million in venture capital, highlighting the potential for real-world asset tokenization.
