Crypto Assets Slide To New 2024 Lows

Digital assets are tumbling, with the combined crypto cap losing 4.5% in the past 24 hours.

The combined crypto capitalization is down 16% from its local high of $1.81B on Jan. 12 — a milestone posted one day after the freshly launched spot Bitcoin ETFs began trading — to currently sit at $1.52B, according to CoinMarketCap.

While Bitcoin (BTC) suffered outsized losses following the launch of the first spot Bitcoin ETFs two weeks ago — ranking 99th among the top 100 crypto assets by market cap according to price performance one week later — BTC is now the 77th best-performing top 100 cryptocurrency of the past 24 hours, including stablecoins.

BTC last changed hands for $38,630, its lowest level since Dec 1, after shedding 5% in 24 hours and 10% in seven days, according to CoinGecko.

For comparison, ETH is down 8% on the daily chart and 14% in the past week. ETH last traded for $2,180, tagging its lowest level for January.

However, assets within the Bitcoin ecosystem continue to post outsized losses. Bitcoin ordinals were the two worst-performing top 100 assets of the past 24 hours, with Ordi (ORDI) and Sats both shedding 17%. Stacks, an EVM-compatible Bitcoin layer, also posted the 13th heaviest losses among leading assets with a 12% drawdown.

Chiliz (CHZ) and Bittensor (TAO) were the lone cryptocurrencies to post a gain of more than 1%, rallying 2.3% and 4.4% for the past day respectively.

DeFi assets are holding up better than the broader web3 sector, with the capitalization of DeFi tokens shedding 7.5% since tagging $82B on Jan. 12. The sector’s total value locked (TVL) currently sits at $55.7B — down from a 16-month high of $60.5B on Jan. 11, according to DeFi Llama.