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COINTURK NEWS > Altcoin News > Crypto Market Faces Decline as Bitcoin and Altcoins Drop
Altcoin NewsCryptocurrency News

Crypto Market Faces Decline as Bitcoin and Altcoins Drop

In Brief

  • Bitcoin experiences significant price drop and approaches $99,000.

  • Chainlink stands out as the top gainer in a declining market.

  • Market conditions highlight the importance of cautious trading strategies.

İlayda Peker
İlayda Peker 5 months ago
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Today, cryptocurrency prices showed a general downtrend. While Bitcoin (BTC) $103,069 and major altcoins lost value, XRP ranked among the worst performers in the top ten cryptocurrencies. In contrast, Chainlink $17 (LINK) emerged as the top gainer with a 6% increase over the last 24 hours.

Contents
Overall Market OutlookBitcoin and Major AltcoinsEthereum and Other Significant CryptosMeme Coins Exhibit Mixed PerformanceTop Gainers and Losers in Cryptos

Overall Market Outlook

The total market capitalization decreased by approximately 2%, falling to $3.65 trillion. Meanwhile, the trading volume increased by 2% to reach $155 billion. These indicators reflect the fluctuating nature of cryptocurrencies today.

Bitcoin and Major Altcoins

The price of Bitcoin (BTC) suddenly dropped by $2,000, falling from $101,000 to $99,000. Major altcoins followed Bitcoin’s downward trend, losing between 2% and 5% in value. Meme coins such as Dogecoin $0.23141 (DOGE) and Shiba Inu (SHIB) also experienced losses ranging from 2% to 4%, reflecting a cautious approach from traders.

Ethereum and Other Significant Cryptos

Ethereum (ETH) $2,590 traded at $3,951, while XRP saw a significant drop to $2,489. Solana $176 (SOL) maintained a price of $232, ranking fifth. These cryptocurrencies moved in parallel with the overall market trend.

Meme Coins Exhibit Mixed Performance

Meme coins generally followed the market trend and experienced declines, although PEPE recorded a 4% increase. Additionally, Shiba Inu’s scaling solution, Shibarium, surpassed 2 million wallets, marking a positive development.

Top Gainers and Losers in Cryptos

Chainlink (LINK) emerged as the top gainer with an 8% increase in the last 24 hours. On the other hand, Peanut the Squirrel (PNUT) suffered a significant 12% decline, while EOS and Jupiter also lost considerable value.

The cryptocurrency market is expected to continue its downward trend in the short term. Traders remain cautious due to the market’s volatile nature. In particular, Bitcoin’s strategic reserve plans and the movements of key investors continue to shape market dynamics.

Recent fluctuations in the values of Bitcoin and many other cryptocurrencies indicate general uncertainty in the market. This period emphasizes the importance of closely monitoring market movements for traders. Experts suggest that long-term strategies may be healthier due to the market’s volatile nature.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 9 December, 2024 - 9:14 am 9 December, 2024 - 9:14 am
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