Crypto Price Analysis 10-16: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CELESTIA: TIA, OPTIMISM: OP

The cryptocurrency market remains in the doldrums with bearish sentiment driving major tokens, including Bitcoin (BTC) and Ethereum (ETH), into the red. The crypto market cap is down over 1% at $3.79 trillion, with selling pressure dominating market sentiment. Nearly all tokens traded deep in the red over the past 24 hours, with very few exceptions. BTC, which briefly reclaimed the $112,000 level, failed to maintain momentum, briefly plunging below $110,000 for the second time this week and dropping to a low of $109,819. However, it has recovered to reclaim $111,000 and is moving to its current level. Despite the recovery, BTC is down almost 1% over the past 24 hours, trading around $111,571.

Meanwhile, ETH is struggling to stay above $4,000 and briefly fell below this level to a low of $3,942 before recovering. The altcoin is down nearly 2% over the past 24 hours, trading around $4,050, with sellers in control. Ripple (XRP) is down almost 2%, while Solana (SOL) is down nearly 4%, trading around $196. Dogecoin (DOGE) is down 2%, and Cardano (ADA) is down 2.30%, trading around $0.678. Chainlink (LINK) is trading around $18.39, while Stellar (XLM) is down 2.50% and Hedera (HBAR) is down over 3%, trading at around $0.181. Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial declines over the past 24 hours.

Glassnode analysts revealed that the latest market downtrend was largely due to trade tensions between the US and China. The analysts also noted that ETF inflows had weakened, indicating that institutional demand has been affected.