Cryptocurrency Market Update
The cryptocurrency markets closed on a mixed note on Thursday, with most top coins experiencing a downturn. Bitcoin managed to edge up by 0.25% in the last 24 hours, offering some stability at the top.
Despite this, the majority of top coins, excluding BNB and ADA, saw significant losses. Conversely, meme coins gained traction during the mid-week period.
Traders are currently holding off on investments, waiting for the market to settle. This daily update provides insights into the latest developments in the cryptocurrency space.
Bitcoin’s Performance
Bitcoin, the leading cryptocurrency, is facing challenges in maintaining its momentum. However, it managed to register a modest 0.25% increase in the past 24 hours.
Trading near the $64,000 mark, Bitcoin experienced a 4.04% decline on the 7th. An important development to watch is the $2.4 billion BTC option set to expire today, which could impact Bitcoin’s direction in the days ahead.
Altcoin Movements
Ethereum, in contrast to Bitcoin, faced a 1% loss in the last 24 hours, approaching the $3,100 level. Despite BTC holding above $64,000, ETH continues to decline daily, with positive flows to the Ethereum ETF amid outflows surpassing $2 billion.
Solana saw a 4.82% drop in the past day and a 9.20% loss over the week, currently trading at $161.02. The market experienced significant liquidation, contributing to Solana’s downward trend, with expectations of continued volatility.
Among these, the meme coin Popcat, based on SOL, stood out with an 11.84% gain despite the overall market decline. Analysts anticipate improvement in the coming days following a 23.16% decline in the past week.
Ripple and Dogecoin Trends
XRP, or Ripple, witnessed a 7.29% decrease in the last 24 hours after a bullish run. With a 6.55% decline over seven days, XRP is currently priced near $0.56, reflecting the impact of a $312 million liquidation event.
Dogecoin, another meme coin, faced a more than 10% drop in value over the past week, with a 3.27% decline in the last 24 hours, now trading at $0.1162. The emergence of new meme coins like Popcat poses challenges for Dogecoin’s market share.
