The cryptocurrency market is currently undergoing a downturn, with significant declines observed in major coins such as Solana, Bitcoin, Ethereum, and BNB.
In the last 24 hours, Solana (SOL) has experienced the most significant drop among these cryptocurrencies. Following a shift in market sentiment triggered by a disappointing jobs report, Solana’s price fell by over 7%.
This decline was steeper than the losses seen in other leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and BNB, contributing to an overall market decrease of more than 4%. This trend comes as the S&P 500 has now declined for three consecutive weeks, while the Nasdaq 100 has dropped 10% from its record highs achieved last month.
**Solana’s Decline of 7.8%**
Presently valued at $151.44, Solana has recorded a sharp decline of 7.8% in the past 24 hours. The trading range during this period fluctuated between $148.53 and $167.04, highlighting the market’s volatility.
This downturn is part of a larger trend, with Solana seeing a 7-day decrease of 18.7% and a 14-day dip of 10.3%.
Despite these recent challenges, SOL has managed to achieve a 30-day increase of 12.7%, demonstrating its resilience amid market fluctuations. The current market capitalization of Solana stands at $70.47 billion, with a trading volume of $5.57 billion over the past 24 hours. Its circulating supply is 465,387,830, against a total supply of 581,500,427 tokens.
**BNB Falls 5.8%**
BNB has also seen a notable decline, registering the second-largest drop among large-cap cryptocurrencies. Currently trading at $540.14, it has experienced a 5.8% decrease in the past day, with a trading range between $526.70 and $576.88, reflecting the overall market volatility.
Over the past week, BNB has declined by 8.3%, compounded by a 14-day loss of 8.8%. However, on an annual basis, BNB has shown impressive growth, with a 124.8% gain. Its market capitalization is currently at $78.82 billion, with a circulating supply of 145,887,575 BNB.
**Ethereum Drops 5.3%**
Ethereum, the second-largest cryptocurrency, has also faced a 5.3% decline in the last 24 hours, now priced at $2,988.15. The asset has seen a 7-day decline of 8.8% and a more significant 14-day drop of 14.4%. Over the past month, Ethereum has decreased by 5.2%, struggling to maintain upward momentum.
Despite these difficulties, Ethereum’s market cap stands at $359.38 billion, with a 24-hour trading volume of $21.99 billion. The circulating supply of 120,255,176 ETH highlights the cryptocurrency’s substantial role in the digital asset ecosystem.
**Bitcoin Declines 4.5%**
Bitcoin has also stumbled over the last day, trading at $61,772.38, which marks a 4.5% decline in the past 24 hours. The leading cryptocurrency has faced a 7-day drop of 9.5% and a 14-day decline of 7.2%, mirroring the bearish sentiment prevailing in the broader crypto market. Nevertheless, over a 30-day period, Bitcoin has recorded a modest gain of 6.7%, suggesting that long-term holders may still find value in the asset.
With a trading range of $60,704.44 to $65,405.21 in the past day, Bitcoin’s market movements continue to heavily influence the wider cryptocurrency landscape. Its market capitalization still accounts for more than half of the total value of the crypto market, underscoring Bitcoin’s dominance and the significant trading volumes that keep it at the forefront of the digital asset arena.
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