The cryptocurrency market has declined 3.6% to $3.4 trillion, with Bitcoin struggling amid downside pressure near $93k. BTC dominance has 54.2% as the benchmark asset’s market cap hovers around $1.85 trillion.
Meanwhile, the top altcoins Ethereum, XRP, BNB and Solana have witnessed corrections to key support areas.
In the past 24 hours, Cardano has dipped more than 6% to lead losses in the top 20 by market cap.
Recent outperformer AI agent token ai16z has also dropped the most among top 100 coins by market cap.
NEO and IOTA are on the other spectrum of the performance, showing some gains during the Asian trading hours.
Cardano
Cardano price hovers around $0.90, about 8.9% down in the past 24 hours.
On Thursday morning, the ADA price reached intraday highs of $0.99.after declining 11.5% in the last 30 days.
According to Coinglass, the coin’s open interest is down 8% to $1.09 billion.
OI-weighted funding rate is positive though, with this suggesting bulls remain in the picture and a potential upward flip for ADA.
NEO
NEO is one of the altcoins that have failed to sparkle since the 2017 bull run.
However, NEO’s price is up more than 7% to trade above $15.16 at the time of writing. Daily trading volume has increased 16% to over $67.2 million.
The positive sentiment around altcoin comes as the community reacts to Neo’s launch of the first experimental AI agent on Neo X.
IOTA
The IOTA price has seen sharp fluctuations in the past 24 hours, diving to lows of $0.30 and hitting $0.33.
IOTA/USD was down 4.6% in the past 24 hours and 8% down in the past week at the time of writing.
Daily volume has shrunk about 8% to $77.4 million.
ai16z
ai16z is a venture capital DAO of AI agents and one of the breakout AI agent tokens in the past few months.
But after reaching an all-time high of $2.47 on January 2, 2025, the token’s price has tanked by over 40%.
AI16Z is one of the biggest losers in the past 24 hours, declining by nearly 20%.
Despite this, Lookonchain recently shared a smart trader’s profit of $19 million on ai16z – a return of 6,400x.
The market anticipates the AI agent market will see new momentum, which means traders may eye the dip as a buy opportunity.
Analyst take
While Bitcoin has been resilient, analysts at QCP Capital say bearish sentiment remains.
The US government’s selling of Silk Road BTC is news that has added to the downside pressure.
“Macro headwinds continue to weigh on Bitcoin prices, driven by heightened market uncertainty. The Fed Minutes revealed a hawkish stance, signaling slower rate cuts amid growing inflation risks. Adding to the pressure, ADP employment data highlighted a slowdown in private sector hiring and wage growth, sharply contrasting with the stronger-than-expected JOLTS job openings earlier this week,” QCP noted.
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