On the 5th of July, a significant portion of alternative cryptocurrencies, such as PEPE, BRETT, JASMY, and FLOKI, experienced a decline of over 20%, while Bitcoin, the primary digital asset, saw an 8% decrease in trading within 24 hours.
As of the latest data, PEPE, an Ethereum-based meme token, faced a 15% drop in the past day with transactions occurring at $0.0000082. Simultaneously, the total trading volume for cryptocurrencies reached around $1.29 billion, with PEPE’s market capitalization plummeting by 15% to $3.46 billion.
BRETT, a memecoin introduced four months ago, displayed a 20% decline, trading at $0.1143, according to CoinMarketCap figures. This meme-inspired coin, based on a character from the “Boy’s Club” comic, recorded a daily trading volume of $71.3 million. Its market cap slipped to $1.13 billion, positioning it at the 59th spot among the leading cryptocurrencies.
JASMY, the native token supporting activities within the Jasmy ecosystem, also felt the impact of Bitcoin’s recent price movements. It dropped by 15% in the last 24 hours, trading at $0.02083, with a daily volume of $177 million. The token’s market cap decreased to $1 billion.
FLOKI, a meme coin on the Solana network, witnessed a 15% decline, trading at $0.00013 at the time of the report. Its daily trade volume reached $309 million, and the market cap dipped to $1.25 billion, causing a drop to the 55th rank among the top 100 cryptocurrencies.
The downward trend in these altcoins is attributed to Bitcoin’s 8% decline in the past day, falling to $54,426 on a Friday morning. Noteworthy lows and highs for Bitcoin were recorded as $53,717 and $58,591, respectively.
This decrease coincided with Mt. Gox transferring 47,229 BTC valued at $2.7 billion to an unknown wallet. Furthermore, US spot Bitcoin ETFs saw outflows of $20.45 million, sparking concerns among investors.
Bitcoin’s dominance rose by 0.58% from the previous day, indicating reduced activity in the altcoin market. Ethereum, the primary alternative cryptocurrency, experienced an 11% drop over the last 24 hours, trading at $2860 during the latest update.
The correlation between Bitcoin’s performance and the altcoin market decline is evident due to Bitcoin’s substantial influence and market superiority. When Bitcoin undergoes significant price fluctuations, it typically triggers a ripple effect across the cryptocurrency space, leading to widespread declines in altcoin values as investor confidence weakens and market sentiment turns pessimistic.