Bitcoin (BTC) and the wider crypto market succumbed to selling pressure during the Asia session, dropping to about $91,530 at 10:00 a.m. UTC from around a local high of $93,750 at midnight. The sell-off followed a failed attempt at breaking above $94,500 on Tuesday, the third in the past five weeks. The altcoin market fared worse than bitcoin, with PENGU and XRP taking the brunt of the hit with declines of 6.5% and 3.5% since midnight.
Memecoins and privacy coins were Wednesday’s two worst performing sectors, with zcash (ZEC) leading the privacy plight, dropping by 4.5% since midnight UTC. One glimmer of hope for the altcoin market is the decentralized finance (DeFi) sector, with total value locked (TVL) across the entire ecosystem rising by 0.17% over the past 24 hours despite assets moving to the downside, suggesting positive inflows, according to DefiLlama. CoinMarketCap’s “altcoin season” indicator is at 25-100, down slightly from last week’s high of 27 but considerably above December’s low of 14, suggesting signs of optimism in the altcoin market. One outlier from the move to the downside was tron (TRX), which remains in the black since midnight to add to a 1.2% gain over the past 24 hours.
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