As a researcher with a background in finance and cryptocurrencies, I find it disconcerting to see the digital asset market cap dipping below $2.5 trillion, marking a significant decrease from last year’s high of approximately $3 trillion. The recent turbulence in traditional markets, such as the Japanese yen’s fall against the U.S. dollar, appears to be contributing to this downward trend.
As a crypto investor, I’ve noticed that digital assets are facing some challenges lately. The total cryptocurrency market capitalization has taken a hit, decreasing by approximately 1.28%. At the moment, it stands at around $2.45 trillion. This represents a significant change of 94.5% compared to one year ago.
The Japanese yen reaching a 34-year low versus the U.S. dollar in the conventional market might cause a ripple effect, resulting in Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) experiencing price declines over the past day.
Bitcoin
As a crypto investor, I’d say: According to CoinMarketCap, Bitcoin’s price has dipped by 2.32% over the past 24 hours and is now sitting at $63,284.
During that time frame, the top cryptocurrency by market cap had a trading volume of approximately $22.89 billion – the second largest volume in the preceding 24 hours.
Although Bitcoin’s value has risen by over 118% compared to this time last year, it has experienced price drops on various shorter time scales.
The price has decreased by 10% in the past 30 days, by 6.7% within the last two weeks, and only by 1.3% during the previous week.
Solana
Solana, ranked fifth among the largest cryptocurrencies by market capitalization, experienced a decline of over 4% in value within the past 24 hours.
At present, the coin is being traded for around $137.21, with a trading volume of approximately $2.4 billion over the past 24 hours.
SOL has not fared any better over different time frames either.
The current price represents a 25.6% drop from where it was 30 days ago, per data from CoinGecko.
It also marks a nearly 8% dip across 14 days, as well as a 2.6% loss over 7 days.
Ethereum
Despite the prevailing pessimistic market sentiment, Ethereum has managed to make a small yet noticeable gain. At present, its value hovers around $3,137, representing a minimal increase of 0.23% in comparison to the previous day.
With a trading volume of $10.26 billion over the past 24 hours, Ethereum ranked as the third most actively traded cryptocurrency, following Tether and Bitcoin.
The price of Ethereum has risen by 4% within the past week, making its recent growth more noteworthy.
In the past month, the pessimistic attitude toward cryptocurrencies has significantly impacted Ethereum as well. The digital asset has experienced a decline of over 12% in value during this period.
Dogecoin
Dogecoin — the largest meme token — also shed some of its value in the last 24 hours.
In the past, the value of Dogecoin, represented by the dog symbol, dropped approximately 3% and now hovers around $0.1451. Compared to a month prior, its worth has declined more than 30%.
As a researcher studying the current market trends of meme coins, I’ve observed that my coin’s performance is being compared unfavorably to other popular meme coins such as Pepe (PEPE), Dogewhiz (WIF), and Shiba Inu (SHIB). These coins are all experiencing losses at present, with the setbacks ranging from 2.82% to a more significant 7.87%.
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2024-04-27 20:24