Cryptocurrency valuations decline despite record highs in US equities, extending a month-long trading range.
The total cryptocurrency market capitalization fell 1.6% to $2.54 trillion, reversing briefly from recent gains despite US stock indices hitting new highs. The decline marks a continuation of range-bound trading observed over the past month, with the market now testing the lower end of its recent band.
Prior sessions had seen modest volatility, but the latest pullback contrasts with the broader risk-on sentiment driving equities. Analysts note the divergence as unusual, given the historical correlation between crypto and traditional risk assets.
No immediate market reaction was reported in futures or spot trading volumes following the dip.