The cryptocurrency market has taken a significant hit, with major digital assets experiencing notable price dips. According to data from CoinMarketCap, the total crypto market capitalization has decreased by 7.39% over the last 24 hours, currently standing at $2.44 trillion.
At the time of writing, Bitcoin, the world’s largest cryptocurrency by market cap, has seen its price plummet to $67,410.28, marking a 5.06% decline in the last 24 hours. Ethereum, the second-largest crypto, has fared even worse, with its price dropping by 8.25% to $3,249.66.
The downturn has also extended to other prominent cryptocurrencies. Solana, a popular altcoin, has experienced a 12.89% drop, with its current price hovering around $153.15.
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Meme Coins Take a Beating
The meme coin craze has not been spared from the market’s bearish sentiment. Dogecoin, the original meme cryptocurrency, has seen its price tumble by 12.98%, currently trading at $0.172603. Shiba Inu, another meme coin, has also suffered a significant 11.50% drop, with its current price standing at $0.000025. Notably, dogwifhat token has taken a substantial hit, plunging by 24.81% to $2.64.
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Show more +Factors Contributing to the Market Downturn
According to an analysis by the popular YouTuber My Financial Friend, with over 250,000 subscribers, several factors have contributed to the market’s decline.
Geopolitical Tensions: The imminent threat of an attack from Iran and the potential intervention by the United States has caused panic in traditional markets, which has spilled over into the crypto sphere.
Traditional Market Impact: The downturn in traditional markets, such as the NASDAQ, has also had a ripple effect on the cryptocurrency market.
Crypto Liquidations: Significant liquidations in the crypto market have exacerbated the downturn, with Bitcoin dominance reaching new highs, indicating a shift from altcoins to Bitcoin.
Investment Strategies and Future Outlook
Despite the market’s volatility, My Financial Friend shared personal investment strategies, emphasizing the importance of Bitcoin in their portfolio and considering reallocating some investments into altcoins like Solana.
The analyst speculated that the current dip might present an opportune time for investors to add to their positions, especially given Bitcoin’s long-term uptrend. Additionally, the potential impact of ETFs and potential buying patterns on Bitcoin’s price was mentioned.
Watcher.Guru, a crypto analyst, tweeted that “$855 million [has been] liquidated from the crypto market in the past 24 hours,” further highlighting the market’s turbulence.
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