Bitcoin Slips Below $116K, Global Market Cap Falls to $3.77T
Bitcoin (BTCUSD) slumped to $115,000 early Friday on sustained sell pressures, reflecting investors’ weak sentiment on the largest crypto asset. The market price of digital asset has declined by more than 3% in the last seven days, with the latest round of sell-offs coming from retail investors taking early profit.
BTCUSD had hit an all-time high of $123,000 a few days ago, and the same trend was shared by Ethereum (ETHUSD), Ripple (XRPUSD), Solana (SOLUSD), and others.
Bitcoin remained in a relatively tight range between $117,000 and $120,000 for the past week, ever since it was pushed south from its latest all-time high of over $123,000.
But data showed Ethereum was trading in green on Friday, up by 0.08% to $3,633. Investors are returning to take position. ETHUSD had surpassed $4000, riding a modest wave of optimism as the main character in the alt season.
Spot Ether ETFs recorded a net inflow of nearly $2.4 billion in the past six trading days, far above spot Bitcoin ETFs, which recorded only $827 million during the same period, according to Farside Investors.
Ripple (XRP) reached a fresh peak of $3.65 last week, breaking above its 2018 high. The rally drew attention across the market, but prices have since pulled back to around $3.08, losing approximately 12% over seven days.
According to analyst Dom, this retracement cleared out nearly $1.3 billion in open interest, about 30% of the total. The move is being seen as a typical leverage reset after a sharp run-up
Price has been fluctuating in the last 24 hours in the crypto market, but hope of a strong rally has dimmed. The global cryptocurrency market has taken a sharp downturn today, shedding over 1% from its total market cap, now sitting at $3.77 trillion.
Meanwhile, 24-hour trading volume has spiked by 9.15%, a sign of turbulence rather than growth. From Bitcoin’s stumble below $116k to widespread liquidations across altcoins, today’s decline is driven by a combination of over-leveraged bets, profit-taking, and capital flight from riskier assets. #Bitcoin Slips Below $116K, Global Market Cap Falls to $3.77T
