Altcoins
Altcoins Suffer Heavy Losses as BTC Falls 8%
On July 5, most altcoins, including PEPE, BRETT, JASMY, and FLOKI, dropped more than 20%, while Bitcoin, the largest cryptocurrency, dropped 8% in 24-hour trading.
As of this writing, the Ethereum-based meme currency, PEPPERhas dropped 15% in the last 24 hours and is trading hands at $0.0000082. In the same time frame, the cryptocurrency’s daily trading volume has hovered around $1.29 billion. Meanwhile, its market cap has plummeted 15%, now sitting at $3.46 billion.
PEPE 24-hour price chart | Source: CoinMarketCap
BRETT, the memecoin launched four months ago, is also down 20%, trading at $0.1143, according to data from CoinMarketCap (CMC). Over the same period, the meme coin, inspired by a character from the comic book “Boy’s Club,” had a daily trading volume of $71.3 million.
BRETT 24-hour price chart | Source: CoinMarketCap
Meanwhile, the cryptocurrency’s market capitalization dropped to $1.13 billion, ranking it 59th among the largest cryptocurrencies according to CMC.
JASMY, the native cryptocurrency that enables all activities within the Jasmy ecosystem, is also being impacted by the recent price action of Bitcoin. At press time, it was down 15% over the past 24 hours, trading at $0.02083 with a daily trading volume of $177 million. The token’s market cap has fallen to $1 billion.
JASMY 24-hour price chart | Source: CoinMarketCap
Solana based meme coin FLOKI was also seen in the red with a 15% decline, trading at $0.00013 at the time of publication. Its daily trading volume was $309 million, while the token also witnessed a decline in its market cap to $1.25 billion. The cryptocurrency dropped to the 55th spot among the top 100 major cryptocurrencies.
FLOKI Price Chart 24 hours | Source: CoinMarketCap
The sharp overall decline in all these altcoins follows the decline of the largest 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’s price drop coincided with the transfer of 47,229 BTC from Mt. Gox worth $2.7 billion in an undisclosed portfolio. Additionally, U.S. spot Bitcoin ETFs saw outflows of $20.45 million, sparking investor concerns.
Bitcoin dominance increased by 0.58% from the previous day, reflecting a notable decline in altcoin market activity.
Ethereum, the leading altcoin, has dropped 11% in the past 24 hours, settling at $2,860 at the time of writing.
The sharp decline in the altcoin market is often linked to the performance of Bitcoin, given its significant influence and dominance in the market.
When the price of Bitcoin experiences substantial declines, it tends to create a ripple effect across the cryptocurrency market, leading to widespread declines in altcoin values as investor confidence wanes and market sentiment turns bearish.