The digital asset market continues to face challenges as the overall crypto market cap experiences a 1.28% decline, currently standing at approximately $2.45 trillion, showcasing a 94.5% change from a year ago.
Possibly influenced by the traditional market, where the Japanese yen recently hit a 34-year low against the U.S. dollar, leading cryptocurrencies like Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) all witnessed price drops in the past 24 hours.
Bitcoin
According to CoinMarketCap data, Bitcoin is currently valued at $63,284, reflecting a 2.32% decrease from the previous day. During this period, the top crypto recorded a trading volume of $22.89 billion, the second-highest in the last 24 hours. Although Bitcoin’s price is still significantly higher than a year ago, it has experienced declines over various time frames, including a 10% drop in 30 days, a 6.7% decrease in two weeks, and a 1.3% loss in the last seven days.
Solana
Solana, ranked fifth in terms of market cap among cryptocurrencies, saw its price decrease by over 4% in the last day. Currently priced at $137.21, Solana has a 24-hour trading volume of just over $2.4 billion. However, Solana has also seen declines over different time frames, with a 25.6% drop in 30 days, an almost 8% decrease in two weeks, and a 2.6% loss in the last seven days.
Ethereum
Contrary to the negative trend in the market, Ethereum showed a modest uptick, trading at around $3,137, marking a 0.23% increase in the last day. With a 24-hour trading volume of $10.26 billion, Ethereum is the third most traded cryptocurrency after Tether and Bitcoin. Ethereum has seen a 4% improvement in the last seven days, but like other cryptocurrencies, it has also experienced losses, dropping over 12% in the last month.
Dogecoin
Dogecoin, the largest meme token, also suffered a price decrease in the past 24 hours, losing nearly 3% of its value and trading at about $0.1451. Dogecoin’s value is more than 30% lower than it was a month ago. Other meme coins like Pepe (PEPE), Dogwifhat (WIF), and Shiba Inu (SHIB) are also experiencing losses between 2.82% and 7.87%.
In recent news, Binance conducted a burn of over $1.17 billion in BNB tokens.