Big Drop in Altcoins on July 5!
On July 5, the largest crypto asset, Bitcoin, fell 8% in 24-hour trading, while most altcoins, including PEPE, BRETT, JASMY, and FLOKI, lost more than 20%.
Ethereum-based meme coin PEPE dropped 15% in the last 24 hours and traded at $0.0000082. During the same time period, daily trading volume of crypto assets hovered around $1.29 billion. Meanwhile, its market cap is down 15%, now at $3.46 billion.
Memecoin BRETT, which was launched four months ago, also changed hands at $0.1143, falling 20%, according to CoinMarketCap (CMC) data. During the same period, the daily trading volume of the meme coin, inspired by a character from the “Boy’s Club” comic book, was $71.3 million. Meanwhile, the crypto asset’s market cap dropped to $1.13 billion, making it the 59th largest cryptocurrency, according to CMC.
JASMY, the native cryptocurrency that enables all activities within the Jasmy ecosystem, is also affected by the recent Bitcoin price movement. At press time, it was trading at $0.02083 with a daily trading volume of $177 million, down 15% in the last 24 hours. The market value of the symbol dropped to $1 billion.
Solana-based meme coin FLOKI was also seen in the red, trading down 15% at $0.00013 at the time of publication. While the daily transaction volume was at the level of 309 million dollars, the token market value decreased to 1.25 billion dollars. The crypto asset fell to 55th place among the top 100 cryptocurrencies.
The overall sharp decline in all these altcoins follows the decline in Bitcoin, the leading cryptocurrency in terms of market cap. Bitcoin fell 8% to $54,426 on Friday morning. The lowest and highest levels of the last 24 hours were recorded as $ 53,717 and $ 58,591 respectively.
Bitcoin’s price drop, Mt. Gox transferred 47,229 BTC worth $2.7 billion to an unknown wallet. Additionally, US spot Bitcoin ETFs experienced outflows of $20.45 million, increasing investors’ concerns.
Bitcoin’s dominance increased by 0.58% from the previous day, reflecting a significant decline in altcoin market activity.
The largest altcoin, Ethereum, was trading at $2,860 at the time of writing, down 11% in the last 24 hours.
The sharp decline in the altcoin market is often associated with Bitcoin’s performance due to Bitcoin’s significant influence and dominance over the market. When Bitcoin experiences significant price declines, it tends to create a domino effect in the cryptocurrency market, leading to widespread declines in altcoin values as investor confidence declines and market sentiment declines.
