On the morning of March 15, Bitcoin experienced an incredible drop, with its price falling below $70,000. Following a period of hitting new all-time highs every day, Bitcoin‘s price began to decline after the announcement of the US PPI data on March 14. On the other hand, the price of Ethereum also experienced fluctuations after the Denison upgrade and subsequently deepened its decline. Prior to the upgrade, ETH had reached a level of $4,000, unseen since 2021. The star of the day, however, was Solana (SOL), reclaiming its spot as the star of 2023 following yesterday’s performance.
Current Bitcoin Situation
Bitcoin had refreshed its all-time high earlier in the day, just as it had the previous week. Its price continued to rise until the US PPI data was released, but everything changed from that moment on.
On the afternoon of March 14, shortly after the US PPI data was announced, the price suddenly dropped from above the $73,000 level to $71,000. The decline then deepened, and within hours, it fell below $70,000.
As of the time of writing, the decline in BTC continues, trading at $67,572 after a 5.36% drop. The trading volume increased during the decline. BTC’s 24-hour trading volume saw a 50% increase, surpassing $72 billion, while the market cap continues to trade above $1.3 trillion for the first time in days.
Latest on Altcoins
Following the successful Denison upgrade, ETH experienced price fluctuations. Later, ETH’s price dropped by 2%, falling to $3,957. Before the Ethereum price drop, it was above the critical threshold of $4,000. As of the time of writing, ETH is trading at $3,710.
XRP saw a brief rise before succumbing to a decline, continuing to move negatively today. XRP’s price has fallen by 6.46% in the last 24 hours, down to $0.63.
The cryptocurrency that had garnered all the attention with its recent rise, Binance Exchange’s native token Binance Coin (BNB), seems unable to resist the market downturn. BNB’s price, after a 5.63% increase, has fallen to $580, trading below $600.
Solana Becomes the Star of the Day
Solana (SOL) had plummeted following the major FTX debacle in November 2022. During this period, SOL’s price had fallen below $10, and there were rumors that the project could go to zero.
In 2023, SOL has accelerated its rise again, continuing to climb despite the overall market downturn. On a day when Bitcoin and the entire market were down, SOL’s price saw an increase of over 5%, trading at $177.
During this time, Solana’s market cap has advanced to $78 billion. SOL’s 24-hour trading volume also saw a 64% increase, leaving $10 billion behind. This market performance demonstrates investors’ confidence in SOL, contrary to the overall market downturn.
