The cryptocurrency market has commenced the week on a bearish note, with the industry's market cap down by 2.36% to $2.04 trillion. However, trading volumes have risen by 77.8% to $62.59 billion.
Cryptocurrency Market Overview
Currently, Bitcoin price is at $58,687.58, while Ether holds its price at $2,307.8. SOL and XRP prices have dropped by 2.67% and 2.14%, respectively.
Bitcoin Status
BTC price is hovering around $58,757.33, down by 2.05%. The price dip is attributed to uncertainties arising from news about Trump, the FED rate hike, and the presidential elections. However, trading volumes have increased by 111% over the previous day. Bitcoin might reclaim the $60,000 mark as the situation normalizes.
Altcoin Analysis
Earlier today, the ETH price dropped to $2,260 amidst rising concerns around the FED's announcements and growing FUD. This has resulted in ETH's lowest ETH/BTC ratio since April 2021. Other top altcoins like Solana, XRP, and Toncoin prices are down by 2.43%, 2.33%, and 2.4%, respectively. On the other hand, SUI price is up by 4.29% to $1.11, and Fantom has surged by 1.98% to $0.498. Meanwhile, CKB and FET prices have seen significant declines of 8.4% and 7.8%, respectively.
The uncertainty in the cryptocurrency markets has led to a decline in the prices of Bitcoin and major altcoins, despite some positive trends observed in the dynamics of coins like SUI and Fantom.
Comments