Why is the Crypto Market Down Today?

The global cryptocurrency market has witnessed a significant correction, with the overall market capitalization plunging by 5.94% to $2.52 trillion over the last 24 hours. Major crypto assets, including Bitcoin, Ethereum, BNB, and Solana, have seen their prices dip substantially during this period. 

Moreover, the meme coin segment has not been spared, with popular tokens like Dogecoin, Shiba Inu, and dogwifhat experiencing notable declines.

Bitcoin and Ethereum Lead the Downward Trend

  • Bitcoin, the world’s largest cryptocurrency by market capitalization, is currently trading at $66,996.30, marking a 5.30% decrease in the last 24 hours. This dip is seen  by many analysts as a pre-halving retrace which is a common occurrence before the Bitcoin halving event.
  • Ethereum, the second-largest crypto asset, has also followed suit. ETH has experienced a more substantial drop of 6.55%, with its current price standing at $3,374.48.

BNB and Solana Follow Suit

BNB, the native token of the Binance exchange, has seen its price decline by 6.22% to $561.32 over the past day. Solana, a high-performance blockchain, has not been immune to the market correction. Despite a massive rally lately SOL has also witnessed a significant price dip with its price dropping by 8.62% to $184.79

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Meme Coins Suffer Significant Losses

  • Dogecoin, the original meme coin, has experienced a 12.50% dip, with its current price standing at $0.188477.
  • Shiba Inu, another popular meme token, has seen a 11.30% decrease, trading at $0.000027
  • dogwifhat, a meme coin that has been on the spotlight lately due to its notable prie surge, has not been spared, with its price declining by 13.58% to $3.88.

The crypto market has witnessed a notable correction, resulting in significant dips across major assets and meme coins. This downturn could potentially be attributed to a pre-halving retrace phase, a common occurrence before Bitcoin’s halving process. Given Bitcoin’s leading position in the crypto sphere, its price decline may exert influence over the prices of other cryptocurrencies. Consequently, investors are exercising caution amidst ongoing market volatility, closely monitoring developments and seeking potential entry points.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.