On July 5, a significant decline was observed in the majority of altcoins, including PEPE, BRETT, JASMY, and FLOKI, with drops exceeding 20%. This decline was correlated with a 24-hour 8% decrease in Bitcoin, the leading cryptocurrency. At the recent recording, PEPE, an Ethereum-based meme coin, experienced a 15% drop within the day with a trading value of $0.0000082. Simultaneously, the daily trading volume of altcoins reached around $1.29 billion, while its market capitalization decreased by 15%, plummeting to $3.46 billion.

Meanwhile, BRETT, a memecoin initiated four months prior, also faced a 20% decline, valued at $0.1143. The meme coin, inspired by a character from the “Boy’s Club” comic, had a daily trading volume of $71.3 million. Consequently, its market cap dropped to $1.13 billion, positioning it as the 59th largest cryptocurrency according to CoinMarketCap.

JASMY, the inherent cryptocurrency facilitating activities within the Jasmy ecosystem, was impacted by Bitcoin’s recent price movement, registering a 15% decrease over 24 hours at a trading value of $0.02083. Its daily trading volume reached $177 million, and the market cap dwindled to $1 billion.

Additionally, FLOKI, a Solana-based meme coin, observed a 15% decline, trading at $0.00013. Its daily trading volume amounted to $309 million, leading to a market cap reduction to $1.25 billion. Consequently, FLOKI slipped to the 55th position in the top 100 cryptocurrency rankings.

The downward trend in these altcoins mirrored Bitcoin’s depreciation by 8% in 24 hours, dropping to $54,426. This decline transpired alongside Mt. Gox's transfer of 47,229 BTC worth $2.7 billion to an undisclosed wallet. Furthermore, US spot Bitcoin ETFs experienced outflows totaling $20.45 million, raising investor concerns.

As a result of Bitcoin's decline, its dominance in the market rose by 0.58%, causing a reduction in altcoin market activity. Ethereum, ranked as the largest altcoin, experienced an 11% drop, trading at $2860 during the period of this report. The interconnectedness of the altcoin market with Bitcoin’s performance became evident as the plummeting Bitcoin prices triggered a chain reaction, leading to widespread depreciation in altcoin values amidst declining investor confidence and bearish market sentiment.