Cryptocurrency Market Shows Resilience Amid Tech Sell-Off
The cryptocurrency market has shown resilience in the face of a tech sell-off, with its market capitalization falling towards $2.14T but repeatedly finding support at this level.
This is a significant sign of buyer strength and a local shift in priorities, as interest has shifted from cryptocurrencies to AI stocks since the beginning of the year.
Despite a technical correction, with a more than 10% decline from its peak, top performers among popular coins over the past 24 hours were Bitcoin (+4.8%), Ethereum (+3.1%), and Solana (+3%).
The worst performers were Cardano (-5.3%), Shiba Inu (-4.6%) and Dogecoin (-3.7%); however, Bitcoin recovered to $64.3K after dipping below $63K.
Large long-term investors are sweeping up the market, with capital inflows possible due to profit-taking in equities. However, if the sell-off turns into a broad flight from risk, cryptocurrencies may struggle to hold their ground.