The global cryptocurrency market capitalization fell to $2.68 trillion, down 5.01% over the past 24 hours, according to CoinGecko data captured Thursday. Trading volume across the market totaled $73.2 billion for the day. Bitcoin's dominance held steady at 60.01% of the total market, while Ethereum slipped to 10.57%, with ETH itself trading at $2,323.15, down 1.69% on the day. The breadth of the decline was notable: among the 15 coins trending in search volume, 12 were in the red, with NEAR Protocol down 5.76% to $4.41, Zcash down 3.41% to $1,264.49, and Grass down 7.27% to $0.66.
Hyperliquid was the exception. HYPE, ranked 11th by market cap, rose 5.81% to $86.08, making it the top gainer among major tokens and also the most-traded name in trending searches. The token's strength stood out against a backdrop where even large-cap names like BNB (down 2.17% to $741.41) and Sui (down 1.87% to $0.92) lost ground. Pearl, a smaller cap token ranked 95th, also moved against the tide, climbing 9.08% to $1.78, the largest percentage gain among all trending coins tracked.
The session's most dramatic move came from Axis Robotics, a micro-cap token ranked 797th by market capitalization. AXIS collapsed 35.82% to $0.137, by far the steepest drop of any coin in the data, trending presumably on the scale of that single-day loss rather than any gain. On the losing side of the broader market, Bitcoin Cash fell 5.91% to $280.45, the largest decline among the top five tracked losers, followed closely by NEAR Protocol's 5.29% slide and MemeCore's 4.99% drop to $1.05.
Gains elsewhere were modest by comparison. Bitway rose 2.76% to $1.80, Pump.fun ticked up 1.31% to $0.00437, and OKB added 0.60% to reach $110.93. LEO Token gained 0.79% to $9.46. None of these approached Hyperliquid's move, underscoring how isolated the day's upside was.
With 22,591 active cryptocurrencies tracked and nearly all majors posting losses, the market's 5% single-day contraction marks one of its sharper pullbacks in recent sessions. Hyperliquid's rally, paired with a near-10% pop in Pearl, offered rare pockets of strength in a market otherwise dominated by red candles — a divergence likely to draw attention to perpetuals-focused and newer altcoin platforms even as blue-chip tokens retreat.