Downward Trend in the Global Cryptocurrency Market
Today, the global cryptocurrency market experienced a decline of approximately 0.5%, causing its market value to drop below the $2 trillion level. This development has created an atmosphere of concern among investors. The price of Bitcoin (BTC) has lost momentum recently, falling back to the $56,000 level. In addition, leading altcoins Ethereum (ETH), Solana (SOL), and XRP also experienced similar declines, aligning with the general weakening trend in the market. However, some cryptocurrencies like Helium (HNT) and DOGS managed to challenge this negative trend, becoming among the biggest gainers of the day.
Bitcoin and Leading Altcoin Ethereum Prices
The price of Bitcoin has declined by 0.6% in the last 24 hours, dropping to $56,737. During this period, the lowest level recorded for BTC was $55,712.45, which is considered a negative signal for investors. Meanwhile, the highest value reached was $57,284.30. As reported by Kriptokoin.com, there was a significant outflow from Bitcoin ETFs, totaling a decline of $211.15 million. This development paralleled the decline in BTC prices. Furthermore, it is noteworthy that large investors accumulated 1,145 BTC.
The leading altcoin Ethereum price has decreased by 0.5% in the last 24 hours, trading at $2,393. During this period, ETH reached a low of $2,348.86 and a high of $2,418.02. Particularly, an outflow of $152.72 thousand from Ethereum ETFs contributed to this decline. On the other hand, Monochrome’s ETH ETF plans in the Australian market managed to increase interest in Ethereum. The market value of Ethereum currently stands at $287.9 billion, continuing to maintain its strength.
Popular Altcoin Projects: Decline in Solana and XRP Prices
Solana followed a similar trend to Bitcoin and Ethereum, declining by 0.6% to a level of $131. The lowest level recorded during the day was $128.14, while the highest was $135.09. Solana’s market value has dropped to $61.11 billion. Meanwhile, the launch of Bybit’s liquid staking token named bbSOL on the Solana network increased interest in Solana, but the overall market pressure could not prevent the decline in SOL prices.
The price of XRP has decreased by 1% in the last 24 hours, currently trading at $0.5461. The lowest level during the day was $0.5411, and the highest was $0.5548. Whale Alert confirmed this decline by reporting that large altcoin investors had offloaded approximately 57 million XRP.
Meme Coins and Winners
Despite the downward trend in the overall market, Dogecoin (DOGE) rose by 2%, reaching a level of $0.09895. In contrast, Shiba Inu (SHIB) decreased by 0.2%. Prices for Pepe Coin (PEPE) and FLOKI declined between 1% and 2%. Among the winning altcoin projects, DOGS, Helium (HNT), and Toncoin (TON) stood out. DOGS increased by 8%, rising to $0.00109. HNT increased by 7%, reaching $8.28, while TON climbed by 6% to $4.85.
Losers of the Day in the Altcoin Market
On the other hand, MultiversX (EGLD) dropped by 6%, falling to a level of $24.95. UNUS SED LEO (LEO) lost 5%, trading at $5.53. Bittensor (TAO) also declined by 4%, trading at $241. Overall, the volatile nature of the market continues to create unease among investors. In particular, the weak performance of major cryptocurrencies like BTC and ETH is raising concerns in the market.
