The cryptocurrency market is facing a tough day, with many top digital assets experiencing significant losses amid widespread market corrections. According to the latest data, Bitcoin (BTC), Ethereum (ETH), and several other major cryptocurrencies have seen declines, dragging the broader market down by nearly 2%.
Bitcoin, the leading cryptocurrency, has dipped by almost 2%, trading at $87,000, failing to build momentum toward the $90,000 mark. Ethereum has taken an even harder hit, dropping 3.1% to just above $2,000. Solana (SOL), despite growing institutional interest, has lost 5% of its value, trading at $137. Similarly, XRP, which had previously been buoyed by the resolution of its SEC case, is down nearly 4%, trading at $2.36.
Other altcoins like Cardano (ADA) are also struggling, losing nearly 5% and trading at $0.7. Chainlink (LINK), on the other hand, has only experienced a modest decline of 1.68%, maintaining a relatively stable price at $15.19.
However, amid the sea of red, some memecoins are defying the trend and posting impressive gains. Shiba Inu (SHIB) has surged nearly 4%, while Dogecoin (DOGE) is up by 2%, currently trading at $0.1945. The standout performer, though, is PEPE, which has spiked nearly 7%, with a daily trading volume hitting $1 billion—an increase of 96% from the previous day.
Despite the positive momentum for some memecoins, the overall cryptocurrency market capitalization has fallen by 2%, settling at $2.84 trillion. Ark Invest’s Cathie Wood remains skeptical about the longevity of the memecoin rally, predicting that their value will decline in the coming days.
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