The crypto market experienced a significant bearish shift today. Bitcoin (BTC) dropped to $61K amid ETF outflows, while Ethereum (ETH), XRP, and Solana (SOL) also saw declines.
Bitcoin Price Analysis
BTC Drops Amid Market Concerns
Bitcoin’s price fell by 4.31% in the past 24 hours, trading at $61,684.14. It hit a low of $60,452.02 and a high of $65,468.82. This decline followed higher-than-expected U.S. employment data. Additionally, Genesis moved $1.5 billion in BTC and ETH, impacting the market.
Market Dominance
Bitcoin’s market dominance rose by 0.23% to 55.48%, highlighting the altcoin market’s struggles. Notably, Bitcoin ETFs saw $237 million in outflows on August 2, contributing to the price drop.
Ethereum Price Analysis
ETH Price Falls
Ethereum’s price dropped by 5.91%, trading at $2,978.99. Its low and high for the past 24 hours were $2,911.93 and $3,179.4, respectively. Genesis’ significant transfers influenced ETH’s volatility. ETHER ETFs recorded over $54 million in outflows on August 2.
Solana and XRP Price Analysis
Solana (SOL) Declines
Solana’s price dipped by 6.76% to $153.22. It hit lows of $149.07 and highs of $167.41 in the last 24 hours. Despite this fall, on-chain metrics suggest a potential retest of the $200 target.
XRP Price Drop
XRP’s price fell by 4.08%, now trading at $0.5631. It saw a low of $0.5446 and a high of $0.5817. This decline follows the unlocking of millions of XRP from escrow by Ripple.
Other Major Cryptos
DOGE and SHIB Decline
Dogecoin (DOGE) fell by 4.45% to $0.1124, while Shiba Inu (SHIB) dropped by 5.60% to $0.00001465. Pepe coin, WIF, and FLOKI also tumbled by 8%-13%.
Market Gainers and Losers
Monero (XMR) Gains
Monero (XMR) was the only gainer today, increasing by 1.89% to $158.50.
Top Losers
- AIOZ Network (AIOZ) fell by 13.88% to $0.5204.
- dogwifhat (WIF) plunged by 12.97% to $1.67.
- Flow (FLOW) dipped by 12.58% to $0.6009.
- Akash Network (AKT) dropped by 12.23% to $2.56.
Short-Term Resilience
Hourly Gains
In the hourly time frame, BTC jumped by 0.40%, ETH gained 0.32%, SOL increased by 0.92%, and XRP rose by 0.16%. These small gains sparked discussions on the potential for recovery in crypto prices today.
