Crypto Markets Today: Defensive Moves Push Crypto Lower Relative to Stocks and Gold

Bitcoin Near $112K as Altcoins Slide

Bitcoin traded around $112,000 on Wednesday, near the lower end of its recent range, while altcoins faced steeper losses.

Fetch.ai (FET) led declines, falling 6.2% after Ocean Protocol exited the ASI Alliance and reportedly began offloading tokens on Binance. MYX dropped 10%, and PancakeSwap (CAKE) fell 4%. Meanwhile, the “altcoin season” index on CoinMarketCap slid to 38/100 from 67/100 earlier this month, signaling waning momentum in smaller digital assets.

Despite bullish trends in equities and precious metals, crypto struggled to gain traction, highlighting the market’s defensive stance.