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The ongoing tensions between Iran and Israel continue to exert selling pressure on the cryptocurrency market. Recently, Bitcoin (BTC) fell below the $63,000 mark while Ethereum (ETH) approached the $3,000 threshold. Significant declines are also observed in other leading altcoins such as Cardano (ADA), Solana (SOL), and XRP.
Continued Decline in Bitcoin
The largest cryptocurrency, Bitcoin, is currently trading at $62,619, marking a 3.75% decrease over the last 24 hours. Despite the price drop, the trading volume has increased by 6.25% to $45 billion during the same period, with a market value of $1.23 trillion.
Experts suggest that Bitcoin’s decline could continue to the $60,000-$58,000 range, and the price might rebound from this threshold. However, the primary determinant will be the intensity of the Iran-Israel tensions.
Current State of the Altcoin Market
Ethereum, a leading indicator in the altcoin market, has seen a 3.26% decrease over the last 24 hours, trading just above the $3,000 mark at $3,068. Data shows that Ethereum’s market value is currently $364.8 billion, with a 2.92% increase in trading volume reaching $22.78 billion.
Meanwhile, Binance‘s altcoin, BNB (BNB), has fallen 4.69% to $538.63, though its trading volume has increased by 3.12% to $1.51 billion. Solana has lost momentum amid the general market downturn, dropping 10.52% to $132.94, with a 38.34% decrease in trading volume to $6.06 billion. XRP‘s trading volume has fallen by 47.90% to $2.29 billion, with a price drop of 2.78% below the $0.50 mark. Additionally, Cardano‘s price has decreased by 2.17% to $0.4551, with a significant 35.95% drop in trading volume to $835.75 million.
With major altcoins melting down, the memecoin market has also experienced deep losses. The largest memecoin, Dogecoin (DOGE), is trading at $0.1535, down 3.68% over the last 24 hours, followed by the second largest memecoin, Shiba Inu (SHIB), which has fallen 4.68% to a trading price of $0.00002128. Solana-based trend memecoin Pepe (PEPE) continues its downward trend, dropping 6.77% to $0.000004899 amid general market sell-offs.
