Altcoins Plummet as Bitcoin Drops 8% in 24 Hours

On July 5, the majority of altcoins, including PEPE, BRETT, JASMY, and FLOKI, saw a decline of over 20% as Bitcoin, the largest crypto asset, dropped 8% in 24-hour trading.

At the time of writing, the Ethereum-based meme coin, PEPE, was down 15% in the last 24 hours, trading at $0.0000082. During this period, the daily trading volume of PEPE was approximately $1.29 billion, and its market cap had decreased by 15%, now standing at $3.46 billion.

BRETT, a meme coin launched four months ago, also dropped by 20%, trading at $0.1143. This meme coin, inspired by a character from the “Boy’s Club” comic, had a daily trading volume of $71.3 million. Its market cap fell to $1.13 billion, ranking it as the 59th largest cryptocurrency.

JASMY, the native cryptocurrency of the Jasmy ecosystem, was also affected by the recent Bitcoin price action. It was down 15% in the last 24 hours, trading at $0.02083 with a daily trading volume of $177 million. The token’s market cap dropped to $1 billion.

The Solana-based meme coin, FLOKI, experienced a 15% decline, trading at $0.00013. Its daily trading volume stood at $309 million, and its market cap fell to $1.25 billion, placing it at the 55th rank among the top 100 leading cryptocurrencies.

Bitcoin’s quick dip below $57k forces beginners to capitulate.

The general decline in these altcoins follows the 8% drop in Bitcoin over the past day, which fell to $54,426. The 24-hour low and high for Bitcoin were recorded at $53,717 and $58,591, respectively.

Bitcoin’s price drop coincided with Mt. Gox transferring 47,229 BTC, worth $2.7 billion, to an unknown wallet. Additionally, US spot Bitcoin ETFs experienced outflows of $20.45 million, raising investor concerns.

Bitcoin’s dominance increased by 0.58% from the previous day, indicating a decrease in altcoin market activity. Ethereum, the largest altcoin, dropped 11% in the last 24 hours, trading at $2860.

The sharp decline in the altcoin market is often linked to Bitcoin’s performance due to its significant influence and market dominance. When Bitcoin experiences substantial price drops, it tends to create a ripple effect across the cryptocurrency market, leading to widespread declines in altcoin values as investor confidence wanes and market sentiment turns bearish.

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