The cryptocurrency market remains volatile as the Federal Reserve’s hawkish stance on interest rates continues to weigh on investor sentiment. Major players like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) are under pressure amid this uncertain environment. Here’s a detailed breakdown of today’s market performance.
Bitcoin and Ethereum: Market Leaders Struggle
Bitcoin has fallen 2.5% in the past 24 hours and is currently trading at $96,236. The daily low was $95,137, while the high reached $98,973. Despite the decline, Bitcoin’s market dominance stands strong at 57.05%. Long-term indicators remain positive, bolstered by KULR Technology’s recent purchase of $21 million worth of BTC, signaling continued optimism among institutional investors.
Ethereum has dropped 2% to $3,380, with intraday lows and highs at $3,302.31 and $3,446, respectively. While Ethereum’s decline reflects broader market trends, data from Coinglass indicates a slight uptick in optimism. ETH’s open interest in futures rose by 1% to $23.47 billion, and derivative trading volume surged 29% to $35.69 billion.
Solana and XRP: Volatility Persists
Solana saw a 3% drop over the past day, trading at $190.31. Its daily low and high were $186.86 and $195.27, respectively. Solana’s future price movements remain uncertain due to the market’s fluctuating dynamics. Coinglass reports that Solana’s open interest in futures decreased by 3%, even as its derivative trading volume rose by 24%.
XRP fell 3.5% to $2.18, with a daily low of $2.13 and a high of $2.25. Ripple’s community remains hopeful, buoyed by favorable legal developments and technical analysis. Speculation about XRP’s future includes a bold $27 price target, as highlighted in a recent report. However, market pressures continue to weigh on the token.
Meme Coins and Broader Market Trends
Meme coins have not been spared from the downturn. Dogecoin is down 3%, trading at $0.3156, while Shiba Inu dropped 2% to $0.00002182. Other meme coins like PEPE, BONK, and PENGU experienced losses ranging from 1% to 13% over the day.
Despite the current challenges, market experts believe the bull cycle is not over yet. Both BTC and ETH posted small hourly gains of 0.06% and 0.15%, respectively, sparking renewed hope among investors.
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