On July 8, the majority of alternative cryptocurrencies (altcoins) showed declines, with BRETT, PEPE, WIF, and JUP each falling by more than 10%, paralleling Bitcoin’s 4% drop over the past day, the world’s largest cryptocurrency.
At the time of reporting, BRETT, inspired by a character from the “Boy’s Club” comic, remained down 8% in the last 24 hours and 30% over the past week. The coin’s trading volume in the last day hovered around $49.1 million, while its market cap dwindled to $1.12 billion, placing it as the 62nd largest cryptocurrency on CoinMarketCap.
PEPE, an Ethereum-based meme coin, experienced the steepest decline on Monday morning, plummeting 12% in the past day and 30% over the past week. As of now, the coin’s daily trading volume was $768 million, with its market cap down to $3.47 billion, now ranking 24th among the top 100 cryptocurrencies.
Meanwhile, WIF, a Solana-based meme coin, registered an 11% decline over the last day, trading at $1.66. Over the past week, the token’s decrease was nearly 27%, yet its daily trading volume surged 14% to about $468 million, with its market cap declining to $1.6 billion.
Jupiter (JUP), a Solana-based decentralized exchange (DEX) aggregator, saw a 10% drop in the last 24 hours and a 16% decrease over the past week. Its daily trading volume remained stable at $109 million, and its market cap fell below $1 billion.
The downturn in these altcoins was triggered by Bitcoin’s 4% drop in value to $55,676 on Monday morning. Bitcoin’s trading range over the last 24 hours oscillated between $54,424 and $57,863, marking a 12% decrease over the past 7 days.
This decline coincided with the German government’s transfer of 700 BTC valued at approximately $40.47 million to crypto exchanges, part of an ongoing initiative since June. The move sparked mixed reactions on crypto Twitter, with some predicting a potential drop to the $40,000 range.
Additionally, Mt. Gox transferred 47,229 BTC worth $2.7 billion to an undisclosed wallet, further impacting Bitcoin’s price decline. Once a leading exchange before its 2014 collapse, Mt. Gox is preparing to repay creditors, prompting concerns about potential price depreciation due to increased market supply.
As of July 5, the German government holds 41,226 BTC valued at $2.28 billion, while the U.S. government possesses 213,297 BTC worth $11.72 billion. Mt. Gox controls 141,687 BTC, amounting to $7.78 billion.
The general decline in the altcoin market closely correlates with Bitcoin’s performance, reflecting its substantial influence and market dominance. Significant drops in Bitcoin’s price often lead to widespread declines in altcoin values as investor confidence wavers and market sentiment turns bearish.
Despite the current downturn in altcoins and the broader cryptocurrency market, some analysts maintain optimism about a potential resurgence in altcoin activity soon.
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Altcoins Experience Significant Losses as Bitcoin Retreats by 8%