In a startling turn of events, cryptocurrency values have dipped significantly, alarming market watchers around the globe. Bitcoin (BTC) saw a sharp decline, trading at approximately $66,000, while leading altcoins like Ethereum (ETH), Solana (SOL), and XRP fell by 3% to 6%. In the midst of this downturn, the total market capitalization of cryptocurrencies decreased by 2.48%, settling at $2.27 trillion, even as market volume surged by 45.66% to hit $105.01 billion.
What Caused Bitcoin and Major Coins to Drop?
Bitcoin’s price experienced a 2% fall, hitting $66,805, with fluctuations noted between a low of $65,521.79 and a high of $68,722.16. Interestingly, Bitcoin’s market dominance has risen to 58.31%, which highlights the struggles faced by altcoins during this period.
How Are Other Major Cryptocurrencies Performing?
Ethereum faced a 3% slump, bringing its price down to $2,449, while Solana dropped from $165 to $160.04. XRP also saw a similar decline of 3%, reaching a closing price of $0.5109, with Ethereum’s market cap recorded at $295.12 billion.
The memecoin sector is not immune to the volatility either, as Dogecoin (DOGE) decreased by 4% to $0.1337, and Shiba Inu (SHIB) fell by 6% to $0.00001675. Other notable declines include PEPE, WIF, and BONK, which suffered losses of up to 8%.
- Bitcoin’s market dominance increased despite its price drop.
- Ethereum’s market cap remains significant at $295.12 billion.
- Memecoins are experiencing notable volatility.
- Some coins like Monero (XMR) and Tether Gold (XAUt) have shown minor gains.
The latest trading charts hint at a slight recovery for Bitcoin, Ethereum, Solana, and XRP, generating renewed interest among market participants. Continuous monitoring of trends will be essential for making strategic investment choices.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
