The cryptocurrency market has pared broader gains after a bullish recovery seen on Wednesday faded with Bitcoin (BTC) leading top coins lower.
As Ethereum (ETH), XRP (XRP) and Solana (SOL) shed gains by more than 5% each, Arbitrum (ARB) and Filecoin (FIL) also flipped red.
Most top altcoins by market cap were also down in the past 24 hours.
According to CoinGecko data, the global crypto market cap was down 4.8% to around $3.64 trillion.
Meanwhile, daily trading volume for the market had dropped to $170 billion.
Bitcoin (BTC) price update
Bitcoin’s recovery this week included a spike to highs of $107k.
However, despite news such as President Trump’s full pardon of Silk Road creator Ross Ulbricht, BTC gave up the upside momentum to retest lower support levels.
During the Asian trading session on Thursday, Bitcoin price touched an intraday high of $105,443 and $101,225.
The dip seen over the past 24 hours, which has BTC hovering around $101,890, have helped pin Bitcoin’s at 55.2%.
Per Coinglass data, open interest in BTC is at $67 billion.
Top altcoins price update: ETH, XRP and SOL
Ethereum (ETH) traded within the $3,189 and $3,327 range during Asian trading hours on Thursday.
The top altcoin by market cap has struggled amid selling pressure and was down 3% in the past 24 hours.
Headlines around the Ethereum Foundation continue to dominate the crypto news timeline.Notably, Ethereum’s dominance stands at 10.6%
XRP continues to trade above $3 as bulls bid to hold onto gains.
Having flipped bullish in November 2024, XRP remains one of the altcoins to watch amid fresh market exuberance following Trump’s inauguration.
The XRP token changed hands around $3.08, down 5% on the day. Bulls risk further pain if price breaks down under $3.
Solana (SOL) price reached highs of $270, but was down more than 5% at the time of writing.
This decline within the past 24 hours had pushed SOL to support near $243.
Despite the dip, Solana remains largely bullish amid meme coin frenzy, spot ETFs anticipation and US crypto regulatory developments.
Analysts forecast SOL could explode past the all-time high of $294 to target $500 in the short term.
Arbitrum, Filecoin mirror top altcoins
Arbitrum (ARB) extended its decline over the past week to more than 10% as price fell further on Thursday morning.
In the Asian hours, ARB/USD traded to lows of $0.68 with price down more than 5% from its high the previous day.
Struggles for Arbitrum follow profit taking after the Ethereum scaling solution’s native token rose to near $1 in early January 2025.
ARB reached the all-time high of $2.40 over a year ago on January 12, 2024.
Meanwhile, Filecoin has also pared over 5% of the gains in the past 24 hours.
The native token of the decentralized storage system had dipped from above $5.15 to around $4.89, with daily volume shrinking 27% to $152 million.
The losses mirror what happened in the crypto market earlier in the day, with the indecisiveness key across the ecosystem.
Top gainers and losers today
According to CoinMarketCap, the top crypto price gainers today include XDC Network (XDC), KuCoin Token (KCS), Gate Token (GT) and Monero (XMR).
These top 100 coins by market cap have surged between 3% and 8% in the past 24 hours.
On the flipside, top losers among the 100 largest coins by market cap include ai16z (AI16Z), Fartcoin (FARTCOIN), Official Trump (TRUMP) and Virtuals Protocol (VIRTUAL).
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