In today’s cryptocurrency landscape, volatility reigns as prices have experienced a significant drop, stirring concerns among investors. While Bitcoin and leading altcoin projects have seen a decline in value, a surprising altcoin has emerged as the biggest winner. As a result, the total global cryptocurrency market cap has decreased by 0.81%, now sitting at $2.22 trillion, even as market volume surged by 29% to reach $75.93 billion.
Bitcoin Faces Sharp Decline
Bitcoin (BTC) has faced a notable setback, with prices falling over 2% in the last 24 hours, plummeting to $62,946. Throughout the day, BTC traded between $62,737 and $64,455, raising concerns among investors. Notably, the inflow into Bitcoin ETFs was merely $4.56 million, reflecting investor apprehension.
Bitcoin’s market dominance has also slipped by 0.3%, landing at 56.26%, with a market cap now recorded at $1.25 trillion. The cryptocurrency’s sluggish performance is further exacerbated by the fluctuations following the FOMC meeting.
Ethereum’s Price Surprises Investors
Ethereum (ETH) has not been immune to the downturn, experiencing a 2% drop to trade at $2,628. During the day, ETH fluctuated between $2,610 and $2,701. Its market cap has now decreased to $316.27 billion. Additionally, $79 million exited Ethereum ETFs, coupled with selling pressure from the Ethereum Foundation, contributing to further downside for the leading altcoin.
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Solana and XRP Continue to Decline
Solana (SOL) has also recorded a 1% drop, trading at $146. The day’s lowest price was $142.64, with a peak of $148.15. Solana’s market cap has fallen to $68.68 billion, reflecting its recent downtrend as investors note weak market dynamics.
Similarly, XRP’s price has dipped by 1.5%, currently trading at $0.5853. During trading hours, XRP ranged between $0.5819 and $0.5952, with its market cap now at $33.03 billion. Notably, Ripple’s transfer of 200 million XRP has sparked discussions within the global crypto community, intensifying speculation surrounding XRP.
Meme Coins Follow Suit
The meme coin sector has mirrored the overall market’s decline. Dogecoin (DOGE) has decreased by 0.2%, now valued at $0.1081, while Shiba Inu (SHIB) fell 2% to $0.00001449. Other meme coins like Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI) have seen losses ranging from 0.5% to 3%.
Winners and Losers in Altcoin Projects
Celestia (TIA) stands out as a significant gainer, soaring nearly 20% to trade at $6.5. This rise coincides with the Celestia Foundation securing $100 million for development efforts. Other notable gainers include Arweave (AR) with 14% growth and NEAR Protocol, rising 10%. On the flip side, UNUS SED LEO (LEO) has dropped 6%, along with Fantom (FTM) and Pendle (PENDLE) both decreasing by 5%.
As reported by The Bit Journal, the cryptocurrency market remains highly volatile. Investors are urged to thoroughly assess projects and consider potential risks before making investment decisions.
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.
