The recent fluctuations in the cryptocurrency market have caused concern among traders and investors. In the last 24 hours, Bitcoin (BTC) and Ethereum (ETH) have dropped to $69,000 and $3,600, respectively. Altcoins like Solana (SOL), XRP, and memecoins also followed this downward trend. However, there are some positive developments as altcoins like Filecoin (FIL) and Injective (INJ) stood out with their gains, offering potential profit opportunities. On the other hand, dogwifhat (WIF) and Core (CORE) are among the biggest losers.
Current State of the Cryptocurrency Market
The total value of the cryptocurrency market decreased by 2.60% to $2.55 trillion. However, the total volume showed a significant increase of 42.17%, reaching $106.43 billion. This indicates that trading activity has increased despite the overall market decline.
Bitcoin experienced a 2% drop in the last 24 hours, and its price is now at $69,487. This decline came after a notable rise above $71,000. BTC‘s 24-hour low and high values were $68,507 and $71,918, respectively. Despite all this, the market dominance of the largest cryptocurrency increased by 0.38% to 53.62%, and its market value reached $1.37 trillion.
The price of Ethereum, the king of altcoins, fell by 3.09% in the last 24 hours to $3,688, reflecting the overall market trend. The price range for ETH in the last 24 hours was between $3,604 and $3,838. This decline follows the market drop observed today.
Popular altcoin Solana experienced a significant pullback, dropping by 4.49% in the last 24 hours to $162.72. The 24-hour low and high points for the altcoin were $154.88 and $172.44, respectively. SOL’s price has been affected by the same downward trend impacting the broader market.
Ripple Labs-backed XRP fell by 4.33% in the last 24 hours to $0.5002, dropping below the critical support level of $0.52. The 24-hour low and high values were $0.4631 and $0.5275, respectively. Despite discussions about using XRP as a currency for the BRICS payment system, it followed the overall market decline.
The memecoin market also saw a significant decline, with the largest memecoin Dogecoin (DOGE) dropping by 7.88% in the last 24 hours to $0.1483, and Shiba Inu (SHIB) falling by 4.39% to $0.00002388.
Top Gainers and Losers of the Day in Cryptocurrency
On the other hand, the top gaining altcoins of the day include Injective (INJ), which rose by 7.98% to $30.24, and Filecoin (FIL), which increased by 6.53% to $6.32. Sei (SEI) rose by 5.04% to $0.5339, while Wormhole (W) increased by 2.62% to $0.7189. These gains have brought some optimism amid the overall market downturn.
Conversely, WIF saw a significant drop of 12.48% to $2.83, and CORE fell by 12.18% to $1.77. Other notable losers of the day include dYdX (DYDX), which dropped by 11.41% to $1.93, and Gala (GALA), which fell by 10.95% to $0.04004.
