The cryptocurrency market experienced a sharp downturn today, with Bitcoin (BTC) leading the decline as it slipped to the $60,000 mark. This drop in Bitcoin’s price was accompanied by similar downward trends in other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and XRP, as market volatility surged.
Bitcoin Price Dips Amid ETF Outflows
Bitcoin’s price faced significant pressure, falling 1.46% over the past 24 hours to settle at $60,512. Throughout the day, Bitcoin fluctuated between a low of $59,587 and a high of $61,464. Despite this volatility, Bitcoin’s market dominance saw a slight increase, reaching 56.48%. However, the pressure on Bitcoin was intensified by ETF outflows totaling $89.73 million, contributing to the broader market’s decline.
Ethereum Price Impacted by Whale Dumps
Ethereum also saw a notable decrease in value, dropping 3.27% to $2,604. This decline aligns with significant whale activity, with large amounts of ETH being transferred to major exchanges like Coinbase and Kraken. Ethereum’s price movement fluctuated between a low of $2,555 and a high of $2,706, with its market cap now standing at $313.1 billion.
Solana Price Dips Amid ETF Talks
Solana (SOL) experienced a 3% drop in price, reaching $154.20. The crypto saw its 24-hour low at $151.23 and a high of $159.57. While Solana’s price dropped, there is growing speculation about the potential approval of a Solana ETF in the U.S. Matthew Sigel, Head of Research at VanEck, suggested that the U.S. might need a regulatory adjustment before such an ETF gains approval.
XRP Price Declines with Whale Activity
XRP followed the broader market trend, falling 4.09% to $0.5912. The asset’s price movement ranged from a low of $0.569 to a high of $0.616. On-chain data revealed substantial whale activity, with millions of XRP being moved to and from Binance, reflecting uncertainty and contributing to the bearish sentiment surrounding the asset.
DOGE and SHIB Prices Slide
Other popular cryptocurrencies also saw declines. Dogecoin (DOGE) dropped 2.01%, trading at $0.1038, while Shiba Inu (SHIB) fell by 0.97% to $0.00001397. Additionally, PEPE, WIF, and BONK recorded drops of 3% to 4%.
Conclusion
Today’s crypto market downturn highlights the ongoing volatility and the impact of whale activity and ETF outflows. With Bitcoin leading the decline, other major cryptocurrencies like Ethereum, Solana, and XRP have followed suit, reflecting broader market challenges.
