A sharp decline in the cryptocurrency market has seen major players like Bitcoin and Ethereum lose ground, with Bitcoin receding from its $70,000 peak to $68,000 and Ethereum dipping below $3,900. Other significant cryptocurrencies, including Solana, XRP, and Cardano, are also experiencing downturns.
Bitcoin Clings to $68,000 as Ethereum Slips
Bitcoin, while off its highs, is managing to hover above $68,000. At the time of reporting, it saw a modest drop of 1.50% to $68,508.25, even as its trading activity surged by over 43% to $36.63 billion, maintaining a market cap of $1.34 trillion. Ethereum, the largest altcoin by market cap, isn’t faring as well, suffering a 2.54% loss to $3,854.68, with its market cap standing at $462.93 billion.
Altcoin Market Faces Downward Pressure
Other altcoins are feeling the brunt of the negative sentiment. Binance Coin manages to buck the trend, gaining 5.61% to reach $521.25, while Solana’s value declines by 4.05% to $141.35. XRP drops below $0.62, with its current price at $0.61, marking a 2.52% decrease, amid a trading volume increase of almost 12% to $1.76 billion.
In the meme token arena, Cardano’s value drops by nearly 3% to $0.7142, despite a rise in trading volume. Dogecoin and Shiba Inu see even larger declines of 5.84% and 7.35%, respectively. Pepe Coin is also hit hard, plummeting by 8.89% to $0.000008381, with its market cap at $3.53 billion.
Conversely, the cryptocurrency Pyth Network showcases a remarkable 20% increase, positioning itself among the top gainers for the day, with its value escalating by 19.78% to $0.8291 and trading volume skyrocketing by over 317% to $513.31 million, while achieving an all-time high of $0.8934.