On July 8, the majority of altcoins experienced significant declines, with notable losses in BRETT, PEPE, WIF, and JUP. These altcoins fell over 10% as Bitcoin, the world’s largest cryptocurrency, dropped 4% in the past day.

At the time of writing, BRETT, a meme coin inspired by a character from the “Boy’s Club” comic, was still down 8% in the last 24 hours and 30% in the last 7 days. The crypto asset’s trading volume was around $49.1 million over the last day. Additionally, BRETT’s market cap has fallen to $1.12 billion, ranking it as the 62nd largest cryptocurrency.

Ethereum-based PEPE saw a significant drop, making it the biggest loser on Monday morning with a 12% decline over the past day. Over the last week, PEPE dropped by 30%. At press time, this meme coin had a daily trading volume of $768 million, while its market cap fell to $3.47 billion, ranking it 24th among the top 100 cryptocurrencies.

Meanwhile, Solana-based WIF was down 11% over the last day, trading at $1.66. Over the past week, the token declined by 27%. The dog-themed meme coin saw a 14% rise in its daily trading volume, hovering around $468 million. Its market cap fell to $1.6 billion.

Jupiter (JUP), another Solana-based decentralized exchange (DEX) aggregator, was down 10% in the last 24 hours and 16% over the past week. The crypto asset’s daily trading volume remained flat at $109 million, while its market cap fell below $1 billion.

The decline in these altcoins was triggered by a decrease in Bitcoin’s value, which fell 4% in the past day to $55,676. Bitcoin’s 24-hour lows and highs were recorded as $54,424 and $57,863, respectively. The cryptocurrency fell 12% over the last 7 days.

Bitcoin’s price drop coincided with the German government transferring 700 BTC, valued at approximately $40.47 million, to crypto exchanges. This move is part of an ongoing trend as the German government has been selling its Bitcoin holdings since June. According to Lookonchain, a blockchain data analytics platform, this transfer sparked mixed reactions on social media, with some predicting a potential price crash to the $40,000 region.

“The overall decline in the altcoin market is closely linked to Bitcoin’s performance due to its significant influence and market dominance.”

Adding to the market’s volatility, Mt. Gox transferred 47,229 BTC worth $2.7 billion to an unknown wallet, further impacting Bitcoin’s price. Mt. Gox, once a leading cryptocurrency exchange before its collapse in 2014, is set to begin repaying its creditors, raising concerns that the influx of Bitcoin into the market could drive prices lower as creditors might sell their recovered funds.

As of July 5, the German government holds 41,226 BTC valued at $2.28 billion, while the U.S. government possesses 213,297 BTC worth $11.72 billion. Additionally, Mt. Gox controls 141,687 BTC, amounting to $7.78 billion.

Bitcoin’s performance significantly influences the broader cryptocurrency market. When Bitcoin experiences substantial price drops, it often creates a ripple effect, leading to widespread declines in altcoin values as investor confidence wanes and market sentiment turns bearish.

Despite the current downturn, some analysts remain optimistic about the potential for an altcoin season to commence soon. Stay updated on the latest developments in the cryptocurrency market with Global Crypto News.

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