Summary
- Total crypto market capitalization fell 4.97% to $2.62 trillion in 24 hours.
- Bitcoin dropped 4.66% to $76,945 while Ethereum fell 6.23% to $2,281.
- Ethena's ENA token led major-coin losses, down 9.86% to $0.1695.
The global cryptocurrency market capitalization stood at $2.62 trillion as of Wednesday, down 4.97% over the prior 24 hours, according to CoinGecko data. Trading volume across the market reached $83.55 billion. Bitcoin's dominance held at 59.3% of total market value even as the token itself declined, trading at $76,945.37, a drop of 4.66%. Ethereum fell further, losing 6.23% to trade at $2,281.56, while Solana dropped 7.01% to $90.66.
The decline was broad-based rather than concentrated in a single sector. Among actively traded tokens, Zcash fell 8.63% to $1,228.99, Aave dropped 7.59% to $126.10, and Hyperliquid's HYPE token declined more than 9% in separate loser-list data, trading near $79.31. NEAR Protocol also fell sharply, down 9.45% to $3.82, and Pepe slid 9.08% to $0.00000476. The uniformity of the losses across large-cap and mid-cap tokens points to a market-wide risk-off move rather than coin-specific news driving individual declines.
Ethena's ENA token registered the steepest decline among closely tracked assets, falling 9.86% to $0.169534, according to the top-losers data, with trending-search figures showing a similar 11.18% drop to $0.168. The token's slide mirrors declines across decentralized finance-linked assets during the session. Pudgy Penguins' PENGU token also fell sharply, down 10.55%, while Venice Token dropped 12.28% to $20.76.
The Official Trump token posted the day's largest decline among actively searched coins, falling 19.46% to $1.175, the steepest drop in the trending list. The token's slide coincided with reporting that disputes tied to memecoin ventures associated with the former president had contributed to stalled progress on federal crypto market structure legislation, the CLARITY Act, according to comments attributed to a prominent crypto industry figure. Not every token traded lower. Injective rose 0.93% to $7.93 and Pearl gained 2.55% to $1.54, both bucking the broader trend.
Gains elsewhere were concentrated almost entirely in stable-value and gold-backed tokens, underscoring the flight from risk. Tether Gold rose 1.98% to $4,097.21, Figure Heloc gained 1.37% to $1.044, and stablecoins including Ripple USD and Ondo's USDY posted negligible moves near their dollar pegs. The pattern, large-cap and altcoin losses alongside modest gains in gold-linked and dollar-pegged instruments, indicates investors broadly reduced exposure to volatile assets during the session. With 22,806 active cryptocurrencies tracked, the scale of the pullback highlights uniform selling pressure rather than isolated weakness in any single project or sector.