The cryptocurrency market experienced a widespread downturn, with Bitcoin’s value influencing a dip across various digital currencies. The market saw Bitcoin fail to maintain its position above the $48,000 mark, leading to a ripple effect that affected the second-largest cryptocurrency, Ethereum (ETH), which slid below the $2,500 threshold.
Persistent Downward Trend Hits Major Altcoins
As Bitcoin’s value wavered, Ethereum wasn’t the only major altcoin to feel the heat. Notable cryptocurrencies like Ripple (XRP), Solana (SOL), and Cardano (ADA) recorded losses, reflecting the overall drop in the crypto sector. Despite the fall in prices, Bitcoin managed to keep its market cap near $944.54 billion, while Ethereum’s market value adjusted to a lower figure of $1.86 billion.
The struggle wasn’t isolated to these two giants as other cryptocurrencies like Binance Coin (BNB) and Solana marked decreases in their respective values. BNB’s price dropped to $319.95, while Solana managed to stay above $100 despite a 3.46% price drop. Ripple’s XRP saw a modest decline, with a slight surge in its trading volume.
Meme Tokens Join the Downtrend
The adverse effects extended to meme-inspired tokens as well. Cardano faced a 4.44% decline in price, and Dogecoin and Shiba Inu also recorded drops. Pepe Coin, another well-known meme coin, was not spared from the market’s downturn.
Overall, the 24-hour window unveiled a bearish pattern for cryptocurrencies, with Bitcoin leading the pack. Although trading volumes for certain coins have increased, it was not enough to prevent the market valuation of various cryptocurrencies, including Pepe Coin, from shrinking. Concerns regarding the crypto market’s stability are mounting as investors witness the fluctuations in digital asset prices.