Cryptocurrency markets woke up to increased volatility on the first day of the new month, with Bitcoin (BTC) falling below the $70,000 threshold and Ethereum (ETH) unable to hold above the $3,600 level. Particularly, leading altcoins such as BNB (BNB) and Cardano (ADA) experienced sharp declines.
Current State of Bitcoin and Altcoins
According to recent data, the price of BTC has seen a 1.81% decrease over the last 24 hours, trading at $69,102. This drop in price was accompanied by a significant increase in trading volume, which rose by 23.80% to $22.69 billion during the same time frame. The total market value of the largest cryptocurrency is currently at $1.36 trillion.
Turning to altcoins, the main network asset of Ethereum, ETH, has changed hands at $3,527, down 2.24% in the last 24 hours. The trading volume of ETH increased by 17.66% to $10.82 billion during this period.
Conversely, the heaviest losses in the top 10 cryptocurrencies list were seen by BNB and ADA. BNB and ADA traded at $583.71 and $0.6249, respectively, both down by 4.73% and 4.13% over the last 24 hours.
Among the most popular altcoins of recent times, the main network asset of Solana, SOL, is trading just below the $200 mark at $195.50, down 0.34% in the last 24 hours. SOL stands out for its resilience in the market despite the general downturn, outperforming many other altcoins. Similarly, the main network asset of the Tron network, TRX, also showed strength, trading at $0.1215, down by 0.75% over the last 24 hours.
On the other hand, the reaction of memecoins to the fall of Bitcoin and most altcoins was harsh. Dogecoin (DOGE) fell by 3.96% to $0.2048 in the last 24 hours, while Shiba Inu (SHIB) dropped by 5.83% to $0.00002876.
Core, Jupiter, and Bitcoin Cash on the Rise
Despite the general downtrend in the altcoin market, some altcoins have made notable movements. In this context, Layer 1 network Core (CORE), decentralized exchange (DEX) provider for Solana Jupiter (JUP), and Bitcoin hard fork Bitcoin Cash (BCH) are standing out.
Data shows that CORE has surged by 59.98% over the last 24 hours, trading at $2.57, while JUP and BCH have respectively seen increases of 19.10% to $1.78 and 13.22% to $676.44 during the same time frame.
