The crypto market is experiencing a turbulent day as most major assets face sharp declines. Leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are seeing noticeable losses, while select altcoins such as Algorand (ALGO) and Fantom (FTM) shine with remarkable gains.
Bitcoin and Ethereum Struggle to Hold Ground
Bitcoin (BTC) is navigating a bearish trend, trading at $92,890, marking a 2% drop in the last 24 hours. BTC hit a daily low of $90,770 and a high of $94,991. Despite the downturn, Bitcoin’s market cap remains a robust $1.84 trillion, with a daily trading volume of $90 billion. The cryptocurrency’s dominance rate continues to be strong at 57.52%.
Similarly, Ethereum (ETH) mirrors Bitcoin’s losses, slipping 2% to $3,362. The day’s low and high were $3,255 and $3,448, respectively. ETH’s market capitalization stands at $405 billion, with a trading volume of $39 billion. Interestingly, Grayscale’s ETH ETFs saw a $16 million inflow, reflecting growing institutional interest.
Altcoins Hit Hard: Solana and XRP
Among altcoins, Solana (SOL) suffered a 3% dip, now trading at $233. SOL’s daily range included a low of $222 and a high of $239. A recent move by the Pump Fun platform to suspend its live streaming feature has stirred discussions within the Solana ecosystem.
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On the other hand, XRP faced a steeper 6% decline, currently priced at $1.369. XRP’s daily fluctuations saw a low of $1.29 and a high of $1.45. Meanwhile, Ripple made headlines with its $25 million donation to Fairshake PAC, reaffirming its commitment to crypto advocacy and long-term projects.
Meme Coins Under Pressure
The meme coin sector also faced bearish momentum. Dogecoin (DOGE) dropped 4%, trading at $0.3876, while SHIB fell 3% to $0.00002446. Other meme coins like PEPE, BONK, and WIF recorded losses ranging from 4% to 8%.
Bright Spots: Algorand and Fantom
Despite the market-wide decline, Algorand (ALGO) and Fantom (FTM) emerged as standout performers. ALGO surged 15%, reaching $0.299, while FTM climbed 14% to $1.09. These gains indicate pockets of resilience within the volatile market.
Market Sentiment and Outlook
While the broader market remains under pressure, hourly charts for Bitcoin and major altcoins hint at potential stabilization. As highlighted by The Bit Journal, investors should carefully analyze market conditions and assess risks before making decisions.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
