The cryptocurrency market has seen significant activity in the past 24 hours. While Bitcoin (BTC) and Ethereum (ETH) face resistance at key levels, Solana (SOL) and XRP have achieved notable gains. These fluctuations have caught the attention of investors, stirring uncertainty across the market. Here’s a closer look at the latest developments.
BTC and ETH Struggle to Break Through
Bitcoin’s price has dropped by 0.7% over the last 24 hours, currently trading at $58,098. The price ranged between $57,501 and $59,154 throughout the day, reflecting volatile movements. Following a $12.8 million inflow into Bitcoin ETFs, speculation has surged, but BTC’s dominance in the market has slightly decreased by 0.16%, now sitting at 56.71%. However, there are still signs of optimism for Bitcoin’s future. New whales and Binance traders are actively accumulating BTC, while long-term holders continue to maintain their positions, supporting market confidence.
Ethereum, meanwhile, has shown a modest 0.3% increase, trading at $2,284. During the day, the price fluctuated between $2,263 and $2,334. However, there was a significant $9.4 million outflow from U.S.-based spot Ethereum ETFs as of September 16, raising concerns among investors. Additionally, Ethereum futures recorded their lowest funding rates for 2024, further amplifying unease surrounding the asset.
SOL and XRP Surge Amid Market Fluctuations
While BTC continues to face challenges, Solana (SOL) has seen a 0.6% increase, trading at $131. The coin fluctuated between $129 and $132 throughout the day.
XRP had an even more impressive performance, rising by around 4% in the last 24 hours. It is currently trading at $0.5868, with a low of $0.5658 and a high of $0.5898. A major whale movement involving 40 million XRP tokens caught the attention of the market, driving increased interest from investors.
Meme Coins Struggle While Some Altcoins Outperform
As BTC struggles, meme coins have also faced difficulty. Dogecoin (DOGE) saw a 1.5% drop, now trading at $0.09982, while Shiba Inu (SHIB) fell by 0.7% to $0.00001319. Despite these declines, PEPE and WIF recorded slight gains, with PEPE up 0.17% and WIF increasing by 1%.
In terms of winners, Fantom (FTM) surged by 7% and is now trading at $0.5155. Celestia (TIA) rose by 4%, reaching $4.83, while BitTorrent (BTT) gained 5%, now sitting at $0.0000008865.
Conversely, some altcoins have experienced sharp declines. Sei (SEI) dropped by 7%, now priced at $0.2701, while Nervos Network (CKB) fell by 5% to $0.0155. Render (RENDER) also saw a 4% decrease, trading at $4.67.
The continuous volatility of the crypto market keeps investors on edge, making it crucial to conduct thorough research before making any investment decisions. As always, stay updated with The Bit Journal for the latest news and insights on cryptocurrency trends.
