Altcoins
Altcoins suffer heavy losses as BTC drops 8%
On July 5, the majority of altcoins including PEPE, BRETT, JASMY, and FLOKI fell by more than 20%, while Bitcoin, the largest crypto asset, fell by 8% in 24 hours.
At the time of writing, the Ethereum-based meme coin, PEPEThe cryptocurrency price has fallen by 15% in the last 24 hours, and the price of the cryptocurrency has settled at $0.0000082. During the same period, the daily trading volume of crypto assets has hovered around $1.29 billion. At the same time, its market capitalization has fallen by 15%, now standing at $3.46 billion.
PEPE 24-hour price chart | Source: CoinMarketCap
BRETT, the memecoin launched four months ago, also fell 20%, trading at $0.1143, according to data from CoinMarketCap (CMC). During the same period, the memecoin, inspired by a character from the comic strip “Boy’s Club,” recorded a daily trading volume of $71.3 million.
BRETT 24-hour price chart | Source: CoinMarketCap
At the same time, the crypto asset’s market cap fell 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 action. At press time, it was down 15% in the last 24 hours, trading at $0.02083 with a daily trading volume of $177 million. The token’s market cap had fallen to $1 billion.
JASMY 24-hour price chart | Source: CoinMarketCap
Solana based meme coin FLOKI The token was also seen in the red with a 15% drop, trading at $0.00013 at press time. Its daily trading volume stood at $309 million, while the token also saw a drop in its market cap to $1.25 billion. The crypto asset fell to 55th place among the top 100 cryptocurrencies.
FLOKI 24-hour price chart | Source: CoinMarketCap
The general rise in all these altcoins follows the decline in the leading cryptocurrency by market cap, Bitcoin, which fell 8% over the past day to $54,426 on Friday morning. Its 24-hour lows and highs were recorded at $53,717 and $58,591, respectively.
Bitcoin price drop coincided with Mt. Gox transferring 47,229 BTC US spot Bitcoin ETFs saw outflows of $20.45 million, sparking investor concern.
Bitcoin dominance increased by 0.58% from the previous day, reflecting a notable decrease in altcoin market activity.
Ethereum, the largest altcoin, had fallen 11% in the past 24 hours, trading at $2,860 at the time of reporting.
The sharp decline in the altcoin market is often linked to Bitcoin’s performance due to its significant influence and market dominance.
When Bitcoin experiences substantial price drops, it tends to create a ripple effect across the cryptocurrency market, leading to a widespread decline in the value of altcoins as investor confidence wanes and market sentiment turns bearish.