Shocking Drop in the Crypto Market
As of September 7, the cryptocurrency market faced a significant loss in value. As reported by Kriptokoin.com, new employment data from the U.S. and increasing recession concerns led to noticeable volatility in the markets. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP saw a value decline between 4% and 7%, while the global market capitalization decreased by approximately 5%, dropping to $1.90 trillion. Additionally, trading volume increased by 54.81%, opening the door to new speculative opportunities among investors.
Leading Cryptocurrency Bitcoin Price Drops Rapidly
Bitcoin, in particular, experienced a decline of over 5% in the last 24 hours and is currently trading at around $53,834. During the day, the price fluctuated between $52,598 and $56,976. This sudden drop is assessed in connection with the concerns arising from negative employment data from the U.S. Additionally, an outflow of $169.97 million from spot Bitcoin ETFs negatively affected investor confidence.
However, Venezuela’s plan to add Bitcoin to its national reserves is increasing investors’ long-term confidence in Bitcoin. Bitcoin’s market dominance has decreased to 55.92%, showing a 0.29% decline compared to yesterday.
Ongoing Pressure on Ethereum and Solana Prices
Ethereum (ETH) also saw a nearly 7% loss in value in the last 24 hours and is currently trading at $2,238. An outflow of $5.98 million from ETH ETFs further accelerated the price decline. Additionally, the decision by investment management company VanEck to close Ethereum futures negatively impacted cryptocurrency prices. Ethereum’s market capitalization remained stable at $269.31 billion.
A similar situation applies to Solana (SOL), which has experienced a decline of over 4%, currently trading at around $125. The lowest and highest values recorded during the day were $121.06 and $134.17, respectively. The market drop also negatively affected Solana, reducing its market capitalization to $58.57 billion.
Declining Trend in XRP and Meme Coins
The price of XRP has decreased by 4% in line with the general downward trend in cryptocurrency markets, currently trading at $0.5224. Ripple transferred 100 million XRP during the SEC lawsuit process. These large transfers led to sudden fluctuations in XRP’s price. Therefore, XRP’s price volatility is being closely monitored by investors.
Meme coins also experienced a decline in parallel with the general market trend. Dogecoin (DOGE) lost 7%, while Shiba Inu (SHIB) fell by 4%. Additionally, Pepe coin dropped by 6%, attracting investors’ attention.
Some Cryptocurrencies on the Rise
Despite all these declines, some altcoins showed an upward trend in the crypto market. Starknet (STRK) is trading at $0.4151 with an increase of nearly 5%. Bonk (BONK) and Sui (SUI) gained value by 0.65% and 1%, respectively. Particularly, the performance of these altcoins highlights that there are opportunities despite the overall market declines.
In conclusion, the cryptocurrency market is going through a volatile process. However, the rise of some altcoins once again reveals that the market is dynamic and full of opportunities.
