Amid repeated failed attempts by Bitcoin (BTC) to hold above $100,000, the cryptocurrency market dropped by 8.3%.
Overall Crypto Market Decline
Today, January 8, 2024, the entire cryptocurrency market is in red. Bitcoin (BTC), the largest cryptocurrency, plummeted from $102,000 to $95,200, losing 5.5% of its overall market capitalization. The daily volume of Bitcoin (BTC) liquidations exceeded $127 million, with 86% of them being longs.
Meme Coins Lose Ground
The meme coin segment is suffering even more, with its capitalization falling by $15 billion overnight. In less than 24 hours, Floki Inu (FLOKI) and Bonk (BONK), the two worst performers, lost about 14% each. Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins, are also posting double-digit losses. The SHIB price dropped to $0.00002148, while DOGE is trading at $0.3465 on the largest spot exchanges.
What Remains in the Green
Only two altcoins managed to survive the current carnage in the green — and a meme coin is on this list. SPX6900 (SPX), the largest 'Murad meme coin,' is up by 3%. Its price reached $1.44, cementing its position in the top 100. Fasttoken (FTN) is the second best performer, with 0.5% overnight growth. The Crypto Fear and Greed Index exited the Extreme Greed Zone and stands at 70/100, the lowest since January 2.
The crypto market is experiencing a significant decline, which has particularly affected meme coins. However, some assets have shown resilience against the negative trend and even managed to grow.
