The crypto market today is facing decreasing market cap, which is about 3.2% lower compared to 24 hours ago, standing at around $1.2 trillion. This decrease is led by Bitcoin and Ethereum, the two largest digital coins by market capitalization, with 5.4% and 2.2% worth of losses respectively over the past seven days. Furthermore, out of the top 100 coins, Pepe and Sui have the biggest losses, respectively 12%.

On the other hand, traditional markets are still bearish as traders bet on regional banks' plummeting.

The decrease of the crypto market could be caused by panic selling, as there were extremes outflows from the Binance exchange which is the largest one in the world. On top of that, Bitcoin has been finding it hard to break a certain resistance as the situation of transaction fees increases due to BRC-20 tokens inscriptions and ordinals.

The current market dominance of Bitcoin is at 45%, followed by Ethereum at 18.6%. Analysts suggest that the cryptocurrency market could get back on the positive side this week since it is crucial for economic news. The key level for Bitcoin to break is at $29.2K and the bounce area is within the range of $26.8K-$27.4K.

Overall, the crypto market today is faced with a slight decrease, which can be attributed to the panic outflow from the Binance exchange, Bitcoin’s difficulty in breaking a certain price level and the tough competition between the two leading cryptos. The situation can be recouped over the course of the week, as suggested by the experts, provided that the economic news is positive.



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