Crypto Market Update: Prices Show Bearish Momentum
Crypto prices today reflect a bearish trend as Bitcoin (BTC) plunged below the $97K level, marking a sharp decline from its $108K all-time high earlier this week. BTC dropped to a low of $92K, signaling significant market volatility. Following BTC’s lead, major altcoins also faced declines, with Ethereum (ETH) down 4% and Solana (SOL) losing 7% over the past 24 hours. Meanwhile, dogwifhad (WIF) suffered the most, with a 13% loss in value.
The global crypto market capitalization has dropped by approximately 2%, now standing at $3.34 trillion. Trading volumes fell drastically, declining 44% to $170 billion. Despite the downturn, the Fear and Greed Index remained neutral at 59, reflecting a balanced market sentiment.
Bitcoin Price Today
BTC is trading at $96,760, representing a 1% decrease in the past 24 hours. The coin’s daily low and high were $96,457 and $99,538, respectively, with a market cap of $1.91 trillion and $50 billion in trading volume. Bitcoin’s dominance in the crypto market remains at 57.60%.
In a noteworthy development, Senator Cynthia Lummis confirmed that the U.S. would hold a strategic Bitcoin reserve for at least 20 years to reduce national debt. Analysts believe this move will have long-term implications for Bitcoin’s global role and influence.
Ethereum Price Today
Ethereum’s price dropped 4% to trade at $3,321. Its daily range stood between $3,294 and $3,554, with a market cap of $400 billion and a trading volume of $30 billion. Ethereum ETFs saw $62 million in inflows over the past week, signaling sustained investor interest. However, market analysts predict Ethereum could face further downward pressure before the year ends.
Ripple (XRP) Price Today
XRP is trading at $2.20, reflecting a 3% decrease in the last 24 hours. Its market cap stands at $126 billion, with a trading volume of $14 billion. Ripple recently transferred 90 million XRP coins to an unknown wallet, stirring speculation about potential upcoming developments.
Solana Price Today
SOL’s price plummeted by 7%, trading at $182. The coin’s daily low and high were $178 and $201, respectively, with a market cap of $86 billion and a trading volume of $5 billion. Despite the drop, a Solana whale recently purchased 1.7 million SOL tokens, taking advantage of the market dip.
Meme Crypto Prices Today
Meme coins also faced downward pressure, with Dogecoin (DOGE) trading at $0.3179, down 3%, and Shiba Inu (SHIB) losing 4%, priced at $0.00002166. Other popular meme coins, such as PEPE, BONK, and WIF, posted losses ranging from 3% to 12% over the past 24 hours.
Top Gainer: Hyperliquid (HYPE)
Hyperliquid (HYPE) emerged as the top-performing cryptocurrency today, rising 8% to trade at $34.67. Within three weeks of its launch, HYPE achieved a market cap of $10 billion, solidifying its position as a significant player in the DeFi space.
Top Losers: Dogwifhad (WIF) and Ethena (ENA)
- WIF experienced a 13% loss, trading at $1.88, with a market cap of $1.88 billion.
- ENA fell by 11% to trade at $1.02, with a market cap of $3 billion. Arthur Hayes’ recent sale of ENA tokens has raised further speculation regarding the token’s future.
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