Cryptocurrency Market Loses Value as Bitcoin and Solana Experience Declines
The cryptocurrency market has seen a significant drop in value over the past 24 hours, with a 2% decrease in total market capitalization. Bitcoin’s price has fallen by 3.2% during this time, although it remains higher than last week. Solana, on the other hand, has experienced an abrupt interruption to its rally and is currently trading at an 11% loss.
Bitcoin Price Drops to $34K
Bitcoin was recently making strides towards reaching the $36K mark, which hadn’t been seen in 18 months. However, the positive momentum could not be sustained, resulting in a price retracement to slightly above $34K. This represents a 3.1% decrease over the past day.
The dominance of Bitcoin, which measures its share compared to the rest of the market, has also decreased by around 0.3% to 50.7%. This suggests that altcoins have performed relatively better than BTC during this period.
Solana (SOL) Price Plummets by 11%
Out of the top 20 cryptocurrencies by market capitalization, Solana has experienced the largest decline. SOL’s price has dropped by 11% within the past day, erasing previous gains and bringing it below $40.
Other cryptocurrencies are also experiencing declines, as shown in the heatmap. However, those that are in the green have only seen minimal increases.
Among the top 100 coins, Coinflux (CFX) has suffered the most significant loss at 12.2%, followed by Render and Solana at around 11%. In contrast, Trust Wallet has defied market sentiment and increased by 8.3%.
Hot Take: Cryptocurrency Market Faces Widespread Losses with Bitcoin and Solana
The cryptocurrency market has seen a decline in value, with Bitcoin and Solana experiencing notable losses. Bitcoin’s price retraced from its recent highs, while Solana faced a significant drop of 11%. Altcoins have shown some resilience compared to Bitcoin, but overall, the market has been bearish.
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