August 28, 2024 — Cryptocurrency markets are experiencing a sharp downturn today, with Bitcoin (BTC) falling to $59,000. The global crypto market capitalization has dropped nearly 5% to $2.09 trillion, and major altcoins are reflecting a similar decline.
Bitcoin (BTC) Performance
Bitcoin’s price has decreased by 5% over the past 24 hours, now trading around $59,510. During this period, the cryptocurrency reached an intraday low of $58,116.75 and a high of $63,207.60. Contributing factors include market anticipation of U.S. Personal Consumption Expenditures (PCE) inflation data, Nvidia’s earnings report, and increased selling by large investors. Despite this, the number of Bitcoin millionaires has surged by 111% this year following the halving event.
Bitcoin ETFs saw a significant outflow of $127.05 million as of August 27, aligning with the coin’s current downtrend. Additionally, Bitcoin’s market dominance has decreased slightly by 0.03% to 56.27%.
Ethereum (ETH) Analysis
Ethereum has fallen nearly 8% in the last day, settling at $2,478. The cryptocurrency’s price fluctuated between $2,401.18 and $2,700.15. Ethereum ETFs also faced $3.45 million in outflows as of August 27, despite the recent launch of BlackRock’s Ethereum ETF in Brazil. Ethereum’s market cap has dropped below $300 billion, and founder Vitalik Buterin’s disclosure that 90% of his net worth is held in ETH has not countered the sluggish market performance.
Solana (SOL) Trends
Solana has declined by 6.5% over the past 24 hours, now trading at $148. The coin’s price ranged from $145.58 to $159.62. Despite recent integration of the Solana blockchain into Robinhood’s wallet, which is a positive development for the token, the broader market decline has overshadowed these gains.
XRP (Ripple) Situation
XRP’s price has decreased by 4% to $0.5683. Its trading range over the last 24 hours was between $0.558 and $0.5996. Although XRP faces a downturn, optimism persists due to recent developments suggesting that the SEC is unlikely to appeal the favorable judgment by Judge Analisa Torres.
Meme Coin Performance
Meme coins have also been hit hard, with Dogecoin (DOGE) and Shiba Inu (SHIB) dropping 6% to $0.09938 and $0.00001377, respectively. Other meme coins like Pepe Coin (PEPE), dogwifhat (WIF), and BONK have seen losses ranging from 9% to 12%, aligning with the broader market trend.
Top Performers and Losers
Among the few top gainers, Popcat (POPCAT) rose by 2.09% to $0.7167, Notcoin (NOT) increased by 1.5% to $0.00876, and UNUS SED LEO (LEO) gained 0.5% to $5.84. Conversely, significant losers include Sui (SUI), which plummeted 13% to $0.8408, dogwifhat (WIF) down 12% to $1.59, and 1000SATS falling 12% to $0.0003219.
Hourly price charts reveal slight recoveries for BTC and ETH, with gains of 0.31% and 0.38%, respectively. Market analyst Ash Crypto suggests that the current downturn may be driven by various factors including geopolitical tensions, ETF outflows, and market manipulation. However, there are indications that this could lead to future price recoveries as smart money begins to accumulate assets.
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