Bitcoins 4 decline leads to a 10 plunge in Altcoins BRETT PEPE WIF and JUP
On the 8th of July, a sea of red engulfed the altcoin market, with notable cryptocurrencies such as BRETT, PEPE, WIF, and JUP experiencing declines exceeding 10%, mirroring Bitcoin’s 4% fall within the same timeframe.
As of this writing, BRETT, a meme coin paying homage to a “Boy’s Club” comic character, has seen an 8% decrease in the past 24 hours and a 30% drop over the previous week. The trading volume for this crypto asset has been approximately $49.1 million recently. Furthermore, BRETT’s market valuation has dipped to $1.12 billion, ranking it as the 62nd largest cryptocurrency according to CoinMarketCap (CMC).
**BRETT 24-hour price chart | Source: CoinMarketCap**
The Ethereum-based meme coin PEPE, inspired by the iconic green frog meme, emerged as the day’s most significant loser, plummeting 12% since yesterday. Over the past week, PEPE has also shed 30% of its value. Currently, PEPE boasts a daily trading volume of $768 million, and its market capitalization has decreased to $3.47 billion, positioning it 24th among the top 100 cryptocurrencies.
**PEPE 24-hour price chart | Source: CoinMarketCap**
In the meantime, the Solana-based meme coin WIF is trading at $1.66, marking an 11% decline over the last 24 hours. The past week has seen a 27% fall in its value. However, WIF, known for its dog motif and pink knitted cap, has experienced a 14% increase in daily trading volume, now around $468 million. Its market capitalization has dropped to $1.6 billion.
**WIF 24-hour price chart | Source: CoinMarketCap**
Jupiter (JUP), a decentralized exchange (DEX) aggregator on the Solana network, has seen a 10% decrease in the last day and a 16% drop over the week. JUP’s trading volume remains steady at $109 million, while its market cap has slipped below $1 billion.
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**JUP 24-hour price chart | Source: CoinMarketCap**
This downturn in altcoin fortunes was sparked by Bitcoin’s 4% decline to $55,676 on Monday morning. Bitcoin’s 24-hour trading range was between $54,424 and $57,863, with a 12% decrease over the last week.
The dip in Bitcoin’s value coincided with the German government’s transfer of 700 BTC, worth roughly $40.47 million, to various exchanges. This action is consistent with the government’s pattern of liquidating its Bitcoin assets since June.
Lookonchain, a blockchain analytics firm, reported that the German government’s recent 700 BTC exchange transfer has stirred diverse reactions on crypto Twitter, with some speculating a potential drop to the $40,000 range.
Other notable movements include:
– HIVE Digital’s stock surged over 9% as the Bitcoin mining company increased its crypto reserves to 2,500 BTC.
– Mt. Gox transferred 47,229 BTC, valued at $2.7 billion, to an unidentified wallet, adding to the market’s instability.
Mt. Gox, the defunct leading cryptocurrency exchange, is preparing to start compensating its creditors, raising concerns that a sudden influx of Bitcoin could further suppress prices if creditors choose to sell immediately.
As of July 5, the German government’s Bitcoin holdings stand at 41,226 BTC, valued at $2.28 billion, while the U.S. government holds 213,297 BTC, worth $11.72 billion. Mt. Gox controls 141,687 BTC, totaling $7.78 billion.
The altcoin market’s overall slump is intricately tied to Bitcoin’s trajectory, given its dominant market position. Significant price fluctuations in Bitcoin often trigger a domino effect throughout the cryptocurrency market, causing altcoin values to plummet as investor confidence erodes and market sentiment turns negative.
Despite the current slump, some market analysts maintain a positive outlook, anticipating the onset of an altcoin season in the near future.
**Read more:**
**Altcoins suffer heavy losses as BTC recedes 8%**
