The decline in cryptocurrencies last night affected all altcoins. Notably, Bitcoin and high-volume altcoins experienced visible drops. The recent rise, driven by expectations of a Fed rate cut announcement, had pleased investors, but the subsequent price drop caused concern. So, what is happening in the market as we start August 21, 2024?
Bitcoin Price
Recently, Bitcoin experienced a significant price drop that affected the entire market, but it later recovered. The BTC price settled between $58,000 and $60,000 and consolidated for a week, which remains unchanged. Yesterday, the price rose above $61,000 but then moved downward again.
In the last 24 hours, BTC turned negative, showing a 2.83% drop. The decline saw BTC finding buyers at $59,300. The price drop also impacted market volume, which fell to $1.17 trillion.
BTC’s 24-hour trading volume dropped from $28.1 billion to $26.9 billion, indicating investor hesitation despite the decline.
Altcoin Status
Ethereum, Bitcoin’s closest follower, also felt the price drop, experiencing a similar decline and causing further investor concern.
ETH price fell by 3.32% today after a 2.33% rise yesterday, dropping from $2,688 to $2,594. Amid questions about when ETFs might support price increases, ETH’s market volume fell to $312 billion, with a slight drop in 24-hour trading volume to $12 billion from $12.6 billion.
Looking at the third-largest cryptocurrency (excluding stablecoins), BNB also experienced a decline. BNB, which remained stronger compared to BTC and ETH, saw a 1.67% drop in the last 24 hours, trading at around $561, giving hope to its investors.
SOL, which had different price levels at the beginning and end of 2023, also saw a price drop today, increasing rumors among its investors. SOL fell by 3.19% in 24 hours, settling at $142.82.
The situation was not much different for XRP, which lost the $0.60 level it had reached again yesterday. XRP’s price change indicated a 1.95% drop, with its value at $0.5958.
Telegram’s TON coin has been declining for two days after days of rising. TON’s price fell by 1.46% yesterday and another 3.40% today, settling at $6.65. Lastly, the undisputed leader of meme coins, DOGE, remains at around $0.1039, staying above the psychological support of $0.10.
