The crypto market has experienced yet another turbulent day, sparking concern among investors globally. Leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP fell, reflecting a broader market trend. The global crypto market cap slipped by 0.99%, reaching $2.23 trillion, while total market volume interestingly spiked by 12.5% to $82.04 billion. Against this backdrop, Dogecoin (DOGE) defied the overall trend, emerging as the day’s standout performer.
Bitcoin and Ethereum: Major Players See Declines
In the past 24 hours, Bitcoin has dropped by 2%, trading at $68,006. BTC saw its daily low and high at $66,803.65 and $69,335.33, respectively, with its market cap now at $1.35 trillion. The decrease in Bitcoin price coincides with reports of 579.49 million in spot ETF outflows, while a notable $2.2 billion BTC transfer from Mt. Gox indicates signs of asset reorganization. Bitcoin’s market dominance has also dipped slightly to 60.38%, underscoring increased investor uncertainty.
Ethereum similarly shed 2.5% of its value, trading at $2,414. The day’s range saw Ethereum fluctuate between $2,359.58 and $2,483.05, leaving its market cap at $290.71 billion. Notably, Ethereum’s decline mirrors the $74.24 million in spot Ethereum ETF outflows.
Solana and XRP: Following the Decline
Solana (SOL) continued the downward trend, losing 3% to reach $158. Its 24-hour range fell between $155.17 and $164.71, while its market cap settled at $74.82 billion. However, despite the dip, October transaction volumes and fees on Solana’s network rose, providing some positive signals.
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XRP wasn’t spared either, dropping by 0.5% to $0.5048. The daily range of XRP fluctuated between $0.4968 and $0.5138, with a market cap of $28.70 billion. Investors are closely monitoring XRP, speculating whether decreased escrow shares could signal an upcoming rally toward the $10 mark.
Meme Coins: Dogecoin and Shiba Inu Defy the Trend
In a surprise twist, Dogecoin (DOGE) led the day with a 6% surge, trading at $0.1616. The day’s low and high were recorded at $0.1496 and $0.1659, respectively, spurring excitement among meme coin investors. Shiba Inu (SHIB) also climbed by 2% to $0.00001727. In contrast, Pepe (PEPE), dogwifhat (WIF), and POPCAT posted losses, ranging from 2% to 8%, reflecting the mixed sentiment in the meme coin sector.
Top Gainers and Losers in the Crypto Market
While Dogecoin took the spotlight, Monero (XMR) also rose by 2%, reaching $160. Meanwhile, MOG Coin posted a 3% gain, now trading at $0.000001788. On the downside, THORChain (RUNE) fell by a substantial 12%, dropping to $4.40. Similarly, PENDLE and MEW lost 9% and 6%, trading at $4.12 and $0.007879, respectively.
This dynamic market landscape presents both opportunities and risks, keeping investors alert as the crypto market seeks direction this week. Stay updated on all significant crypto moves with The Bit Journal for the latest trends and analyses.
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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.
