The crypto market is under a bit of pressure today, with a slight pullback in market capitalization. As of 10 AM, the total market capitalization of the global crypto market is reported at 20.75 trillion yuan, having fallen by 1.78% in the last 24 hours. The volume is quite good, reaching 7002.95 billion yuan, a year-on-year rise of 22.65%, but this growth mainly stems from selling pressure.

Observing the performance of mainstream cryptocurrencies makes it clear how pronounced the differentiation is. Bitcoin experienced quite a tumultuous day yesterday—during the Asian session, it briefly surged to the $90,000 mark, only to be brought down by selling pressure and outflows from ETF funds, eventually stabilizing around $88,000 after dipping. Now, it is oscillating around $89,000. Interestingly, on-chain data shows that there are nearly 976,000 Bitcoin buy orders piled up at the $85,000 price point, which seems to provide significant support.

Ethereum has performed relatively more stable here. Over 32.4 million ETH have been staked, with only 8.7% of ETH in centralized exchanges, and the decrease in circulation provides certain support for the price.

Solana is struggling a bit. The price has fallen by 4.07% to $122.60 within 24 hours, and a death cross has appeared on the hourly chart, indicating further downside risk. The key support level is at $120, while we also need to watch the nearly $90 million leveraged long positions, with liquidation risks looming.

The trading price of Cardano is around $0.36, having fallen 60% from the October high, which is quite a significant drop. However, a top account at a major exchange holds a long position in ADA at 69%, with a long-to-short ratio close to 2.23, indicating that the market still has a strong bullish sentiment.