Solana Plummets 7 Bitcoin Ethereum and BNB Follow Suit
The cryptocurrency market is currently experiencing a downturn, with major coins like Solana, Bitcoin, Ethereum, and BNB all seeing significant price drops.
In the last 24 hours, Solana (SOL) has suffered the most significant decline among them. Following an underwhelming jobs report, the market sentiment shifted, causing Solana’s price to plummet by more than 7% in just one day.
This drop exceeded the losses of other leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and BNB, which contributed to an overall decrease in the value of the crypto market by more than 4%.
This downtrend aligns with the S&P 500 declining for the third consecutive week, and the Nasdaq 100 experiencing a 10% dip from its all-time highs last month.
Solana, currently priced at $151.44, has experienced a sharp decline of 7.8% in the past 24 hours. Its trading range during this time was between $148.53 and $167.04, indicating a volatile market.
This decline is part of a broader downward trend, with a 7-day decrease of 18.7% and a 14-day loss of 10.3%. Despite these short-term setbacks, SOL has managed to achieve a 30-day increase of 12.7%, demonstrating its resilience in the face of market fluctuations.
Solana’s market cap currently stands at $70.47 billion, with a 24-hour trading volume of $5.57 billion. It has a circulating supply of 465,387,830 tokens out of a total supply of 581,500,427 tokens.
BNB, another large-cap cryptocurrency, experienced the second-highest dip. It is currently trading at $540.14, with a 5.8% decline in the last 24 hours. During this time, it traded between $526.70 and $576.88, reflecting the overall market volatility.
Over the past week, BNB has decreased by 8.3%, with a 14-day loss of 8.8%. However, on a yearly scale, BNB has shown a gain of 124.8%.
Ethereum, the second-largest cryptocurrency, also fell by 5.3% in the past 24 hours and is currently priced at $2,988.15. ETH’s market saw a 7-day decline of 8.8% and a more significant 14-day drop of 14.4%. Over the past month, ETH has decreased by 5.2%, struggling to maintain momentum.
Despite these challenges, Ethereum’s market cap stands at $359.38 billion, with a 24-hour trading volume of $21.99 billion. It has a circulating supply of 120,255,176 ETH, highlighting its significant presence in the crypto ecosystem.
Bitcoin, the largest cryptocurrency by market cap, also experienced a decline of 4.5% in the past 24 hours, trading at $61,772.38. It has faced a 7-day drop of 9.5% and a 14-day decline of 7.2%, reflecting the bearish sentiment in the broader crypto market. However, on a 30-day scale, Bitcoin saw a modest gain of 6.7%, indicating potential value for long-term holders.
With a trading range of $60,704.44 to $65,405.21 in the past day, Bitcoin’s market movements continue to influence the broader crypto market. Its market cap still dominates more than half of the crypto market’s value, highlighting its dominance and significant trading volumes.
