Altcoins experience significant losses as BTC drops by 8
On the 5th of July, a significant downturn was observed in the cryptocurrency market, with a majority of alternative coins, including PEPE, BRETT, JASMY, and FLOKI, experiencing a decline of over 20%. This market movement was in tandem with Bitcoin, the foremost cryptocurrency, which saw an 8% decrease in its value within a 24-hour trading period.
At the moment of reporting, PEPE, an Ethereum-based meme coin, had seen a 15% reduction in its value over the past day, trading at $0.0000082. Concurrently, the trading volume for this digital asset was approximately $1.29 billion. The market capitalization for PEPE also took a hit, dropping by 15% to a new valuation of $3.46 billion.
**PEPE 24-hour price chart | Source: CoinMarketCap**
BRETT, another meme coin that made its debut four months prior, also witnessed a 20% fall in its value, with trades occurring at $0.1143, as per CoinMarketCap data. During the same period, BRETT’s trading volume reached $71.3 million.
**BRETT 24-hour price chart | Source: CoinMarketCap**
The market capitalization for BRETT decreased to $1.13 billion, positioning it as the 59th largest cryptocurrency according to CoinMarketCap rankings.
JASMY, the proprietary cryptocurrency integral to the Jasmy ecosystem, was not immune to the market’s volatility, influenced by Bitcoin’s recent price movements. At the time of this article, JASMY’s value had diminished by 15% in the last 24 hours, trading at $0.02083 with a trading volume of $177 million. The market cap for JASMY also declined, now standing at $1 billion.
**JASMY 24-hour price chart | Source: CoinMarketCap**
FLOKI, a meme coin based on the Solana blockchain, also found itself in negative territory, with a 15% decrease in value, trading at $0.00013 at the time of publication. Its trading volume was reported at $309 million, and the market cap had fallen to $1.25 billion. FLOKI’s ranking among the top 100 cryptocurrencies dropped to 55th.
**FLOKI 24-hour price chart | Source: CoinMarketCap**
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The sudden descent of Bitcoin below the $57k mark has led to a wave of sell-offs among novice investors, as reported by CryptoQuant.
This widespread downturn among the altcoins mirrors the decline of Bitcoin, the leading cryptocurrency by market cap, which fell by 8% to $54,426 on Friday morning. The 24-hour trading range for Bitcoin was noted between $53,717 and $58,591.
The drop in Bitcoin’s price occurred concurrently with the transfer of 47,229 BTC, valued at $2.7 billion, from Mt. Gox to an unidentified wallet. Moreover, the outflow of $20.45 million from US spot Bitcoin ETFs has raised concerns among investors.
Bitcoin’s market dominance saw an increase of 0.58% from the previous day, indicating a significant reduction in altcoin market activities.
Ethereum, the most prominent altcoin, also experienced an 11% decrease in the last 24 hours, trading at $2860 at the time of documentation.
The notable decline in the altcoin market is frequently associated with Bitcoin’s market behavior, given its substantial influence and dominance. When Bitcoin undergoes significant price reductions, it often triggers a domino effect throughout the cryptocurrency market, leading to a collective downturn in altcoin values as investor confidence diminishes and the market sentiment becomes more cautious.
For further reading:
The impending chill: Analyzing the reasons behind the altcoin market’s decline following token releases.
