Cryptocurrency Market Update
The cryptocurrency markets experienced a volatile day on Thursday, with most top coins trading in the red zone. Despite this, Bitcoin managed to edge up by 0.25% over the past 24 hours, providing some stability at the top. However, excluding BNB and ADA, many other leading coins saw significant declines, leading to a surge in meme coins in the market mid-week.
Traders are now adopting a cautious approach, waiting for the market to stabilize before making any investment decisions. This daily cryptocurrency update aims to shed light on the latest market trends and changes.
Bitcoin Holding Ground
Bitcoin, the largest cryptocurrency, is currently struggling to establish a clear trend. Despite this, it managed to gain 0.25% in the last 24 hours, trading near the $64,000 mark. The currency experienced a 4.04% decline on the 7th, with a significant $2.4 billion BTC option set to expire today, which could dictate Bitcoin’s direction in the upcoming days.
Ethereum’s Decline
In contrast to Bitcoin, Ethereum saw a loss of over 1% in value within the past 24 hours. Currently hovering around the $3,100 mark, Ethereum has recorded a 3.90% decrease over the last seven days. Despite BTC’s stability, ETH continues to face downward pressure. Flows to the Ethereum ETF turned positive despite total ETHE outflows exceeding $2 billion.
Solana’s Rollercoaster Ride
Solana faced a 4.82% loss in the past 24 hours, accumulating a 9.20% decline over the past week. The coin, which was close to breaking the $194 mark recently, is now trading at $161.02. Traders anticipate increased volatility in the coming days, especially after a $312 million liquidation caused a significant market downturn. Massive liquidations are expected to be a primary factor contributing to Solana’s recent decline.
