The cryptocurrency market experienced a bearish trend today, with Bitcoin (BTC) and major altcoins witnessing a decline in value. XRP emerged as the worst performer among the top 10 cryptocurrencies, plunging by 5%. In contrast, Chainlink (LINK) stood out as the top gainer, surging by 6% in the past 24 hours.
Market Overview
The overall market capitalization dipped by approximately 2% to $3.65 trillion. Trading volume, however, increased by 2% to $155 billion. These fluctuations highlight the dynamic nature of the crypto market.
Key Cryptocurrency Performances
- Bitcoin (BTC): Trading at $99,245, BTC experienced a 1% decline in the past 24 hours. The cryptocurrency giant’s market dominance stands at 54.03%.
- Ethereum (ETH): ETH is currently priced at $3,951, with a 2% decrease over the past day. It maintains its position as the second-largest cryptocurrency by market cap.
- XRP: XRP witnessed a significant 5% drop, trading at $2.489.
- Solana (SOL): SOL is trading at $232, with a slight decline of 2%. Analysts predict a potential surge to $420 during the upcoming festive season.
- Meme Coins: Dogecoin (DOGE) and Shiba Inu (SHIB) experienced losses of 2% and 4%, respectively. PEPE, however, bucked the trend with a 4% increase.
Top Gainers and Losers
- Top Gainer: Chainlink (LINK) – Up 8%
- Top Losers: Peanut the Squirrel (PNUT) – Down 12%, EOS – Down 7%, Jupiter (JUP) – Down 6%
Market Sentiment
The hourly chart indicates a bearish trend for the crypto market, with major altcoins experiencing declines in the last hour. Bitcoin has dropped by approximately 1%, while macro altcoins have seen losses ranging from 0.5% to 2%. This downward momentum suggests short-term pressure on leading cryptocurrencies.
Also Read: Bitcoin’s (BTC) $100K Price Analysis – Analysts Warn of Market Top as Long-Term Holders Cash Out
As the crypto market continues to evolve, investors are advised to stay informed and exercise caution when making 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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