The Price of Bitcoin Drops Below $40,000
The price of bitcoin fell below $40,000 on Monday, reaching its lowest level since early December. The decline, which was driven by outflows from Grayscale’s spot ETF, resulted in a 5% drop in the past 24 hours. At 2:42 p.m. ET, bitcoin was being traded at $39,505. Additionally, the global cryptocurrency market cap decreased by 4.8% to $1.64 trillion.
Sol Token Experiences the Biggest Decline
SOL, the native token of the Solana network, saw the largest decrease among major cryptocurrencies in the past day. Over the past 24 hours, SOL dropped by almost 10% to $83.76 at 2:42 p.m. ET.
Furthermore, non-vote transactions on the Solana network are expected to significantly decrease in January. The number of transactions has already fallen from over 786 million in December to a low of 491 million as of 21 days into January.
Declining Solana-Based Activity
In addition to the decrease in non-vote transactions, there has also been a decline in the daily seven-day moving average of non-vote transactions on the Solana network. This metric fell from over 24 million to over 23 million.
Hot Take: Bitcoin and Solana Face Challenges Amidst Market Decline
The recent decline in both bitcoin and SOL prices highlights the challenges faced by these cryptocurrencies in a volatile market. Bitcoin’s drop below $40,000 raises concerns about its stability and investor sentiment. Similarly, SOL’s significant decrease reflects the impact of market conditions on specific tokens like Solana. As the crypto market continues to evolve, it is crucial for investors to closely monitor these trends and adjust their strategies accordingly.
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