Altcoins
Altcoins BRETT, PEPE, WIF and JUP drop 10% while Bitcoin falls 4%
On July 8, the majority of altcoins were in the red, including BRETT, PEPE, WIF, and JUP, which fell more than 10% while Bitcoin, the world’s largest cryptocurrency, fell 4% over the past day.
At the time of writing, BRETT, the cryptocurrency inspired by a character from the comic strip “Boy’s Club,” was still down 8% in the last 24 hours and 30% in the last 7 days. Over the last day, the trading volume of the crypto asset was around $49.1 million. Moreover, the market cap of the meme cryptocurrency also fell to $1.12 billion, bringing it down to the 62nd largest cryptocurrency according to CoinMarketCap (CMC).
BRETT 24-hour price chart | Source: CoinMarketCap
Ethereum-based cryptocurrency PEPE was the biggest loser on Monday morning, down 12% over the past day. Over the past week, the cryptocurrency has also fallen 30%. At press time, the cryptocurrency inspired by the popular green frog meme had a daily trading volume of $768 million, while its market cap had fallen to $3.47 billion and now ranks 24th among the top 100 cryptocurrencies.
PEPE 24-hour price chart | Source: CoinMarketCap
Meanwhile, Solana-based meme token WIF was still down 11% over the past day, trading at $1.66 at press time. Over the past week, the token has also fallen by less than 27%. Meanwhile, the meme token themed around a dog wearing a knitted pink hat has seen a 14% increase in daily trading volume, hovering around $468 million. Its market cap has fallen to $1.6 billion.
WIF 24-Hour Price Chart | Source: CoinMarketCap
Jupiter (JUP), a Solana-based decentralized exchange (DEX) aggregator, has fallen 10% in the past 24 hours and 16% in the past week. The crypto asset’s daily trading volume remained flat at $109 million, while its market cap fell below $1 billion.
The sharp decline in these altcoins was triggered by a drop in the value of Bitcoin, which fell 4% over the past day to $55,676 on Monday morning. Its 24-hour lows and highs were recorded at $54,424 and $57,863, respectively. The crypto asset had fallen 12% over the past 7 days.
The fall in the price of Bitcoin coincided with the German government transfers 700 BTCvalued at approximately $40.47 million, to cryptocurrency exchanges. The move is part of an ongoing trend, as the German government has been steadily selling off its Bitcoin holdings since June.
According to Lookonchain, a blockchain data analytics platform, the German government recently transferred 700 BTC to exchanges, sparking mixed reactions on crypto Twitter, with some predicting a potential crash into the $40,000 region.
Adding to market volatility, Mt. Gox Transferred 47,229 BTC Worth $2.7 Billion to an unknown wallet, further influencing the decline in the price of Bitcoin.
Mt. Gox, which was the leading cryptocurrency exchange before its collapse in 2014, is set to begin paying back its creditors. This has raised concerns that the influx of Bitcoin into the market could push prices further down, as creditors may choose to immediately sell the recovered funds.
As of July 5, the German government holds 41,226 BTC worth $2.28 billion, while the U.S. government holds 213,297 BTC worth $11.72 billion. Additionally, Mt. Gox controls 141,687 BTC worth $7.78 billion.
The overall decline in the altcoin market is closely tied to Bitcoin’s performance due to its significant influence and market dominance. When Bitcoin experiences substantial price declines, it often creates a ripple effect across the cryptocurrency market, leading to a general decline in the value of altcoins as investor confidence wanes and market sentiment turns bearish.
Despite the current downturn in altcoins and the broader cryptocurrency market, some analysts remain optimistic about the potential for an altcoin season that could begin soon.