The cryptocurrency market pared broader gains after Wednesday’s bullish rebound faded with Bitcoin (BTC) leading major currencies lower.
As Ethereum (ETH), Ripple (XRP), and Solana (SOL) lost gains by more than 5% each, Arbitrum (ARB) and Filecoin (FIL) also flipped into the red.
Most of the top altcoins by market cap have also fallen in the past 24 hours.
According to CoinGecko data, the global cryptocurrency market capitalization fell by 4.8% to about $3.64 trillion.
At the same time, the market’s daily trading volume fell to $170 billion.
Bitcoin (BTC) price update.
Bitcoin’s recovery this week included a rise to highs of $107,000.
However, despite news like President Trump’s full pardon for Silk Road creator Ross Ulbricht, BTC has given up bullish momentum to retest lower support levels.
During the Asian trading session on Thursday, Bitcoin reached intraday highs of $105,443 and $101,225.
The decline seen over the past 24 hours, in which BTC is hovering around $101,890, has helped hold Bitcoin at 55.2%.
per Coinglas dataOpen interest in BTC is $67 billion.
Most important altcoin price update: ETH, XRP and SOL
Ethereum (ETH) traded within a range of $3,189 and $3,327 during Asian trading hours on Thursday.
The top altcoin by market cap struggled amid selling pressure and fell by 3% in the past 24 hours.
Headlines about the Ethereum Foundation continue to dominate the cryptocurrency news timeline. Notably, Ethereum’s dominance stands at 10.6%.
XRP continues to trade above $3 as bulls try to hold on to gains.
After flipping to the upside in November 2024, XRP remains one of the altcoins to watch amid new market vitality following Trump’s inauguration.
The XRP token was trading at around $3.08, down 5% on the day. Bulls risk more pain if the price drops below $3.
Solana (SOL) price reached highs at $270, but is down more than 5% at the time of writing.
This decline over the past 24 hours has pushed SOL to support near $243.
Despite the decline, Solana remains largely bullish amid the crypto craze, spot ETF outlook and crypto regulatory developments in the US.
Analysts expect SOL price to rise to an all-time high of $294 to target $500 in the short term.
Arbitrum, Filecoin mirror the top altcoins
Arbitrum (ARB) extended its decline over the past week to more than 10% with the price falling further on Thursday morning.
During the Asian hours, ARB/USD traded to lows of $0.68 with the price down more than 5% from the previous day’s high.
The struggles for Arbitrum come on the heels of profit-taking after the Ethereum scaling solution’s native token soared to nearly $1 in early January 2025.
ARB reached an all-time high of $2.40 over a year ago on January 12, 2024.
Meanwhile, Filecoin also pared more than 5% of its gains over the past 24 hours.
The decentralized storage system’s native token fell from over $5.15 to around $4.89, with daily volume shrinking 27% to $152 million.
The losses mirror what happened in the cryptocurrency market earlier in the day, with hesitation key across the ecosystem.
Today’s top gainers and losers
According to CoinMarketCap, the biggest cryptocurrency price gainers today are XDC Network (XDC), KuCoin Token (KCS), Gate Token (GT), and Monero (XMR).
The top 100 currencies by market cap rose between 3% and 8% over the past 24 hours.
On the other hand, the biggest losers among the top 100 coins by market cap include ai16z (AI16Z), Fartcoin (FARTCOIN), Official Trump (TRUMP), and Virtuals Protocol (VIRTUAL).
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