The cryptocurrency market witnessed a significant downturn today, June 18th, with the global market cap plummeting 3.14% to $2.35 trillion. This follows recent hawkish signals from the U.S. Fed, triggering substantial outflows across the crypto sector.
Leading the Slide: Bitcoin and Ethereum
Bitcoin (BTC), the world’s dominant cryptocurrency, bore the brunt of the sell-off, dipping below the $66,000 mark for the first time in weeks. The BTC price fell 1.39% to $65,374.98, with its 24-hour trading range spanning from $64,597.25 to $67,252.08.
Ethereum (ETH) also mirrored the bearish trend, dropping 4.39% to $3,428.45. The altcoin giant traded within a range of $3,371.59 and $3,591.67 during the same period.
Altcoins Feel the Heat
The broader crypto market followed suit, with most altcoins experiencing notable declines. Solana (SOL) witnessed a correction of 9.25%, bringing its price down to $134.26. Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) weren’t spared either, tumbling 9.74% and 12.12% respectively.
XRP, a Beacon of Hope (For Now)
In a surprising turn of events, XRP, the token associated with Ripple Labs, defied the broader market trend. XRP managed to inch up 0.33%, reaching $0.4893. This makes XRP the only top gainer for the day, according to CoinMarketCap.
Bloodbath Beyond the Top Coins
The bearish wave extended beyond the leading cryptocurrencies. zkSync (ZK) plummeted a staggering 30.23%, while Fantom (FTM) and Ethena (ENA) witnessed significant drops of 20.69% and 18.89% respectively.
Also Read: Bitcoin To $8 Million? Michael Saylor’s Bullish Prediction Heats Up Crypto Market
A Glimmer of Hope?
It’s important to note that both Bitcoin and Ethereum displayed some signs of recovery in their hourly charts, hinting at a potential fightback. Altcoins like SOL, XRP, DOGE, and others also mirrored this tentative upswing.
With the ongoing volatility in the crypto market, it remains to be seen if this is a temporary correction or the beginning of a more extended bearish trend. Investors are advised to exercise caution and conduct thorough research before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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