Market Update: Bitcoin, Ethereum, and XRP Slip

The crypto market is pulling back today. On Thursday, total market cap fell 2.6% to $3.42 trillion.

The crypto market is pulling back today. On Thursday, total market capitalization dropped 2.6% to $3.42 trillion. Investor sentiment is cooling, while the prices of leading cryptocurrencies also show downside moves.

Bitcoin stays relatively steady Bitcoin (BTC) is trading down a modest 0.5% to around $105,000. On a weekly basis, the largest crypto is about 2.3% lower. No crash right now, but no rally in sight either.

Ethereum holds up while XRP comes under pressure Ethereum (ETH) slips only 0.1% on the day to $2,630. Still, the number-two crypto is 3.6% lower than last week. Ripple’s XRP is down harder: 1.8% lower, putting the price at $2.21. The coin looks to be losing some momentum against its direct competitors.

Solana, Cardano, and Dogecoin take a hit Solana (SOL) and Cardano (ADA) each down 2.6%, while Dogecoin (DOGE) drops 3.3% to be the biggest loser among the top 10. Meme coins also seem to be cooling off temporarily.

Tron as a rare winner Defying the broader downtrend, Tron (TRX) climbs 1.8%, taking the top spot in the top 10 and even the top 100 cryptocurrencies. TRX looks largely immune to the dip for now.

Top 100: red ink dominates Bigger declines show up outside the top 10. Monero (XMR) and Ethena (ENA) each fall 8% on the day. Bonk (BONK), a meme coin from the Solana ecosystem, drops over 7%.

Sentiment: from greed to doubt The Fear & Greed Index falls today from 62 to 57. We’re still in the “greed” zone, but the five-point drop signals cooling expectations among investors.

ECB decision could shake the market Later today, markets will be watching Frankfurt, where the European Central Bank may announce a rate cut. Inflation in the euro area has stabilized at 2.2%. What this means for Bitcoin and the rest of the crypto market? Reactions could be swift and sharp if the rate cut materializes.