After failing to regain a bullish outlook on Friday during the Western financial markets, the crypto market continued to record bearish sentiment on Saturday during the early Asian trading session. The total crypto market cap dropped nearly 5 percent in the past 24 hours to hover about $2.813 trillion at the time of this writing.
Bitcoin (BTC) price dropped around 3 percent in the past 24 hours to trade about $83,719 on Saturday, during the early London session. Ethereum (ETH) price dropped over 2.3 percent in the past 24 hours to trade at about $1,878 at the time of this writing. Meanwhile, XRP price shed over 5 percent in the last 24 hours to trade at about $2.14.
Top Reasons Why the Wider Altcoin Market Followed Bitcoin in Correction
According to on-chain data analysis, the demand for crypto assets has significantly declined in the last few days. For instance, Bitcoin demand remains in contraction mode, even at a higher rate than what was experienced in December 2023.
The overall cash inflow to altcoins led by Ethereum and XRP has significantly decreased in the recent past. The U.S. spot Ether ETFs are about to close March with the largest cash outflow since August 2024, of over $400 million. Meanwhile, on-chain data shows whale investors have increased their activity, possibly fleeing to the gold and stablecoins markets to protect capital.
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What Next?
The 2025 cryptocurrency bull market is at a crucial pivotal moment, which could either lead to a V-shaped recovery soon or further correction in the coming months. Ahead of the April 2 U.S. tariff implementation, the overall demand for crypto assets could remain low, causing further bearish sentiment.
According to market analyst Peter Brandt, Bitcoin price has already confirmed a falling trend after closing below a bearish flag in the past few days. Additionally, Brandt opined that the XRP price is aiming for $1.07, if the buyers do not regain $3 as a support level.
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