The cryptocurrency market experienced a significant pullback on Monday, with the total market capitalization declining by 5%, resulting in a loss of over $148 billion. Bitcoin, the dominant cryptocurrency, dropped below $90,600 for the first time in 24 days, as traders anticipate the release of the US Consumer Price Index (CPI) report. This decline in Bitcoin's price was accompanied by a broader sell-off across the altcoin market.
Litecoin suffered a particularly sharp drop, losing another 4% to reach $98, extending its weekly losses to 20%. This downturn was triggered by a high-profile hack on Litecoin's official X account, which was used to promote a fraudulent LTC token on the Solana network. While the incident did not compromise Litecoin's underlying blockchain, it eroded market confidence and exacerbated bearish sentiment surrounding the token. Other prominent altcoins, including Cardano (ADA) and SUI, also recorded double-digit losses as traders took profits from last week's rallies. This trend of profit-taking in altcoins suggests a shift in investor sentiment towards more established assets like Bitcoin and Ethereum, as risk appetite wanes amid the looming CPI report. Despite the overall bearish trend, certain sectors of the crypto market demonstrated resilience. Centralized Finance (CeFi) tokens emerged as a standout performer, recording the lowest daily losses at 4.18%. This relative strength can be attributed to increased demand for crypto lending services and structured financial products in the current volatile market environment. Stablecoin-focused sectors also exhibited stability, declining by only 0.05%. This suggests a growing preference for capital preservation strategies among investors. Furthermore, AI-themed memecoins, such as Ai16z and Fartcoin, defied the broader market decline, surging by 33% and 2%, respectively. These tokens' success highlights the growing appeal of AI-agent innovations among retail traders
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