Today, the cryptocurrency market experienced a significant bearish movement, causing investor concerns as major coins, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP, saw notable declines.
Bitcoin (BTC) Price Analysis
Price drop: Bitcoin’s price decreased by 4.31% to $61,684.14 in the past 24 hours.
24-hour range: Low of $60,452.02 and high of $65,468.82.
Recent surge: Briefly neared $65K due to higher-than-expected U.S. employment data.
Influence of Genesis: Bankrupt firm Genesis moved $1.5 billion in BTC and ETH, affecting the price.
Market dominance: Increased by 0.23% to 55.48%, indicating weaker performance in the altcoin market.
Ethereum (ETH) Price Analysis
Price drop: Ethereum’s price fell by 5.91% to $2,978.99.
24-hour range: Low of $2,911.93 and high of $3,179.4.
Influence of Genesis: Creditor repayment-related transfers contributed to ETH’s volatility.
ETF outflows: Over $54 million in outflows as of August 2, impacting performance.
Solana (SOL) Price Analysis
Price drop: Solana saw a 6.76% decrease, trading at $153.22.
24-hour range: Low of $149.07 and high of $167.41.
XRP Price Analysis
Price drop: XRP experienced a 4.08% fall, trading at $0.5631.
24-hour range: Low of $0.5446 and high of $0.5817.
Influence of Ripple: Decline occurred as hundreds of millions of XRP were unlocked from escrow via Ripple.
Other Altcoins: DOGE, SHIB, and More
Dogecoin (DOGE): Price decreased by 4.45%, reaching $0.1124.
Shiba Inu (SHIB): Fell by 5.60% to $0.00001465.
Other altcoins: Pepe coin, WIF, and FLOKI tumbled 8%-13%, aligning with the broader market trend.
Market Metrics
Global Crypto Market Cap: Declined by 4.76% to $2.19 trillion.
Total Crypto Market Volume: Increased by 10.72% to $95.22 billion.
The crypto market’s bearish movement today highlights the volatile nature of digital assets. Investors remain cautious as major cryptocurrencies face significant declines, influenced by broader market trends and specific events such as Genesis large transfers and ETF outflows.
Stay tuned for further updates and detailed analyses of the cryptocurrency market.
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