BRETT, the meme coin inspired by a character from the “Boy’s Club” comic strip, has dropped 8% in the last 24 hours and 30% in the last 7 days. The trading volume of the crypto asset hovered around $49.1 million in the last 24 hours. Additionally, the meme coin’s market cap also dropped to $1.12 billion, making it the 62nd largest cryptocurrency, according to CoinMarketCap (CMC).

Ethereum-based meme coin PEPE peaked as the biggest loser on Monday morning and is down 12% in the last 24 hours. Meme coin has also fallen by over 30% in the last week. At press time, the daily trading volume of the meme coin inspired by the famous green frog meme was $768 million, while its market cap has fallen to $3.47 billion and it now ranks 24th among the top 100 cryptocurrencies.

Meanwhile, Solana-based meme coin WIF was still down 11% in the last 24 hours and was trading at $1.66 at press time. Over the past week, the token has also fallen by under 27%. On the other hand, the dog-themed meme coin wearing a knitted pink hat experienced a 14% increase in daily trading volume and hovered around $468 million. Its market value dropped to $1.6 billion.

Solana-based decentralized exchange (DEX) aggregator JUP is down 10% in the last 24 hours and 16% in the last week. While the daily trading volume of crypto assets remained stable at $109 million, the market capitalization fell below $1 billion.

The sharp decline in these altcoins was triggered by the decline in the value of Bitcoin, which fell 4% to $55,676 on Monday morning. The 24-hour low and high were recorded at $54,424 and $57,863 respectively. The crypto asset had fallen 12% in the last 7 days.

Bitcoin’s price drop coincided with the German government transferring 700 BTC worth approximately $40.47 million to crypto exchanges. This move is part of an ongoing trend as the German government has been steadily selling off Bitcoin holdings since June.

According to blockchain data analytics platform Lookonchain, the German government recently transferred 700 BTC to exchanges, sparking mixed reactions on crypto Twitter, with some predicting a potential crash to the $40,000 region. Adding to the market’s volatility is Mt., which was the leading cryptocurrency exchange before its collapse in 2014. Gox transferred 47,229 BTC worth $2.7 billion to an unknown wallet, which further affected Bitcoin’s price decline.

Mt. Gox is preparing to begin repaying its creditors. This has raised concerns that an influx of Bitcoin into the market could drive prices even lower, as creditors may choose to sell their recovered funds immediately.

As of July 5, the German government holds 41,226 BTC worth $2.28 billion, while the US government holds 213,297 BTC worth $11.72 billion. Additionally, Mt. Gox controls 141,687 BTC, equivalent to $7.78 billion.

The overall decline in the altcoin market is closely related to Bitcoin’s market dominance and investors’ general confidence in cryptocurrencies. When the price of Bitcoin drops significantly, this often creates a ripple effect across the entire cryptocurrency market, leading to widespread declines in altcoin values ​​as investor confidence wanes and market sentiment declines.

Despite the current decline in the altcoin market, some analysts remain optimistic about the potential for an altcoin season to begin soon. If Bitcoin’s long-term outlook remains positive and investor interest revives, we could see a significant recovery in altcoins. However, it is necessary to closely follow Bitcoin’s price movements and investor sentiment to see how the market will shape up in the near future.