Bitcoin and Ethereum Prices Witness Bearish Turn
The top cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), experienced a bearish turn in their prices. Bitcoin’s price dropped below the $64,000 level, while Ethereum slumped below $3,400. Meanwhile, other altcoins like XRP and Cardano (ADA) saw significant gains, while Solana dipped.
Bitcoin Price Analysis
Bitcoin’s price was down by 2.96%, reaching $63,980.52 at the time of writing. Its trading volume also plunged 3.96% to $40.30 billion in the last 24 hours. Despite the decline, Bitcoin still boasts a market cap of $1.25 trillion.
Ethereum Price Analysis
Ethereum, on the other hand, gained by 5.45% and reached $3,331.53 at press time. The cryptocurrency has a market valuation of $399.85 billion. However, its trading volume dipped by 2.90% to $20.24 billion. Additionally, Cardano’s price was down by 4.75% at $551.15, but its 24-hour trade volume rose by 7.41% to $2.84 billion.
Solana and XRP Price Analysis
Solana inched closer to dropping below the $170 mark again as its price was down by 3.77% and settled at $172.33. The cryptocurrency also witnessed a 21.58% plunge in trade volume to $3.99 billion in the last 24 hours.
Meanwhile, XRP’s price slumped below the $0.62 level with a decline of 3.81%. It reached $0.6121, and its trading volume dipped 34.67% to $1.85 billion.
Cardano and Meme Coins
Cardano slipped 2.19% to $0.6207 today, and its 24-hour trading volume dropped by 7.65% to $576.36 million. As the top cryptocurrencies witnessed a bearish session, popular meme coins experienced volatility. The Dogecoin (DOGE) price was up by 2.56% to $0.1605, while its rival, Shiba Inu (SHIB), dropped by 1.28% and traded at $0.000027.
Pepe Coin Drops 7%
The Pepe Coin (PEPE), a popular meme coin, recorded a major pullback in its price. At press time, it was down by 7.28% to $0.000007441 with a market valuation of $3.12 billion. Additionally, its 24-hour trade volume plunged 12.48% to $867.76 million.
Toncoin Rallies 8%
Toncoin (TON), a cryptocurrency launched by Telegram, experienced a phenomenal rally of over 8% and ranked as the top gainer in the market during this bearish period. The Toncoin price was up by 8.38% to $4.65 at the time of reporting. However, its trade volume plummeted by 96.85% to $214.68 million.
Furthermore, Toncoin reached a high of $4.68 amid the rally today.
Hot Take: Cryptocurrency Market Volatility Continues
The cryptocurrency market continues to be highly volatile, with Bitcoin and Ethereum experiencing a bearish turn in their prices. While Bitcoin dropped below the $64,000 level, Ethereum slumped below $3,400. However, some altcoins like XRP and Cardano saw significant gains.
It’s important to note that cryptocurrency prices can fluctuate rapidly, and investors should be prepared for such volatility. Keeping track of the market trends and conducting thorough research before making any investment decisions is crucial.
As always, it’s recommended to consult with a financial advisor or do your own due diligence before investing in cryptocurrencies.
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