The cryptocurrency market faced bear market trends again today, after a long rise in recent days. Bitcoin (BTC) price dropped to $64,000, creating concern among investors. Ethereum (ETH) and Solana (SOL), the leading cryptocurrencies, also followed a parallel movement to this decline. However, XRP attracted attention by rising despite the general market trend. The global cryptocurrency market value decreased by 1% today to $2.37 trillion, and the total cryptocurrency volume decreased by 21.17% compared to the previous day, reaching $77.19 billion.
Bitcoin price and current situation in altcoins
BTC price has fluctuated due to low inflows into spot Bitcoin ETFs. According to data provided by Soso Value, inflows as of July 17 were $53.35 million; This coincides with the token's weakening price trend. Bitcoin price traded at $64,813.21, down 1.33% in the last 24 hours. The token's 24-hour low and high were recorded at $63,896.09 and $65,994.60, respectively. Bitcoin's market dominance decreased by 0.13% to 53.89%. It is also stated that sustained inflows into spot BTC ETFs could trigger the next Bitcoin bull run.
ETH price decreased by 1.62% to $3,428.72, in line with general market trends. The 24-hour lowest and highest prices of Ethereum were determined as $ 3,379.10 and $ 3,515.54, respectively. It is also stated that updated S-1 forms have been filed for Ethereum ETFs. However, Grayscale's decision to set a fee as high as 2.5% for the ETH ETF sparked controversy among market participants. SOL price decreased by 1.14% to $159.11; Solana's 24-hour low and high were recorded at $155.07 and $163.58, respectively.
Some cryptocurrencies that are on the rise
As mentioned earlier, XRP price has shown remarkable resilience, remaining above the $0.6 resistance amid increasing Ripple-SEC settlement speculations. The token traded at $0.6085, up 2.64% in the last 24 hours. The lowest and highest levels during the day were $ 0.5859 and $ 0.6366, respectively. A mostly decline was observed in the Meme coin industry. While Dogecoin (DOGE) price decreased by 1.82% to $0.1233, Shiba Inu (SHIB) price decreased by 3.48% to $0.00001887. Even Pepe coin dropped by 4.82% to $0.00001187.
The future course of Bitcoin remains uncertain. In his latest post on the X social media platform, leading commodity trader Peter Brandt warned of a bear market about Bitcoin. Although the cryptocurrency has rebounded relatively quickly after the recent market decline, Brandt notes that Bitcoin is heading for a series of lower highs and lower lows. While the analyst predicts the potential for Bitcoin to reach $ 150,000 in this cycle, he also evaluates the probability of a decline before seeing a new peak as 25%.
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