The cryptocurrency market is in a volatile period. Following the decline in Bitcoin prices, altcoins such as Ethereum, XRP and Solana gained between 3% and 5%. While these developments have attracted the attention of investors, uncertainties in the markets have also increased. So, what is happening in the market right now?
Bitcoin (BTC) is currently trading at $93,984 and has lost 1% in the last 24 hours. BTC, which fell to $92,526 during the day, saw its highest level at $96,545. Bitcoin's market value reached $1.86 trillion, while its trading volume was recorded at $62 billion. Another notable point was that Bitcoin's market dominance fell to 56.52%.
In addition, according to SoSo Value data, there was an outflow of $276 million in Bitcoin-based ETFs. BlackRock drew attention with an outflow of $72 million, while Ark & 21Shares made the biggest outflow with $87 million. Fidelity lost $71 million, and Grayscale lost $57 million. On the other hand, MicroStrategy, led by its leader Michael Saylor, reiterated its confidence in Bitcoin by purchasing 15,350 BTC last week. This move once again demonstrated the company's commitment to its long-term strategy.
Ethereum (ETH) rose 4% to $3,383. It fell to $3,263 during the day, and reached a high of $3,466. Ethereum's market value reached $407 billion, while its trading volume was $32 billion, and its market dominance increased to 12.35%. Although there was an outflow of $75 million in ETH ETFs, the movement of large Ethereum whales is striking. Large withdrawals from Binance reinforce investors' confidence in the future of ETH.
XRP rose 4% to $2.23. After falling to $2,141 during the day, XRP rose to $2,271. It ranks fourth with a market value of $127 billion and a trading volume of $8.99 billion. Analysts predict that XRP could increase by up to 60%. This potential increase in the XRP price is supported by the RLUSD stablecoin launch and expectations for XRP ETF approval.
Solana (SOL) is trading at $188, up 5%. Its lowest level during the day was $179 and its highest level was $193. Solana's market value reached $90 billion, and its trading volume reached $4.63 billion. The weekly whale entries reaching $1.7 million show that Solana is showing signs of recovery. This development is seen as a promising sign for investors. In addition, activity continues in meme coins. Dogecoin (DOGE) and Shiba Inu (SHIB) are trading at $0.3195 and $0.00002219, respectively, up 4%. Another prominent meme coin, BONK, is drawing attention with its upcoming 1 trillion token burn. The token's price is expected to reach $0.11. These developments continue to increase interest in meme coins.
Finally, the biggest gainer of the day was VIRTUAL Protocol. The token, which attracted attention with a 35% increase, is currently trading at $3. Zcash (ZEC) increased by 20% to $64.96, while AAVE increased by 19% to $377. On the other hand, BitTorrent (BTT) was the worst performing token of the day with a 2% decrease.