The cryptocurrency market experienced a dramatic downturn on Wednesday, with Bitcoin (BTC) falling below $97,000. The decline is attributed to rising U.S. Treasury yields and the latest PMI data.
How Did the Market React to This Volatility?
The global crypto market cap decreased by 6%, falling below $3.38 trillion, while trading volumes surged by 27% to $162 billion. This indicates increased liquidity and active trader repositioning.
Which Altcoins Suffered the Most?
Ethereum (ETH) and Solana (SOL) each saw an 8% decline, landing at $3,383 and $199, respectively. XRP's market cap fell by 3%, to $134 billion.
How Did Meme Coins Fare?
Meme coins also mirrored the market trend, with Dogecoin (DOGE) losing 10% and Shiba Inu (SHIB) dropping 9%. Other meme coins like PENGU, BONK, and PEPE saw losses of 10-12% in the past 24 hours. Among the top 100 cryptocurrencies, Bitget Token (BGB) rose by 6%, while Hyperliquid (HYPE) and dYdX dropped 15% and 13%, respectively.
Despite ongoing fluctuations, it is crucial for market participants to remain vigilant and responsive to dynamic changes. The recent activity emphasizes the importance of closely monitoring market indicators to navigate potential opportunities and risks.
