Cryptocurrency Market Overview
This week has not been kind to the cryptocurrency market as it continues to exhibit a bearish trend. Financial markets have been rife with uncertainty since Biden unexpectedly dropped out of the presidential race. Even the most stable cryptocurrencies, such as Bitcoin and Ethereum, are gradually losing tiny amounts of value. Despite the difficulties, the emerging meme coin has attracted the attention of traders around the world. However, their rise is not expected to continue to dominate the market.
Below is an overview of the cryptocurrency industry along with daily market updates.
Bitcoin’s Market Performance
After a week of consecutive gains, Bitcoin has stabilized and is currently experiencing a slight decline. The coin has lost 2.28% in the past 24 hours, while the seven-day gain has dropped to 5.17%.
The cryptocurrency has retreated from the $66,000 milestone but is now floating comfortably above the $65,000 mark. In the absence of any major developments, the price of Bitcoin has risen to $66,500 among BTC holders in the past 3 months. If the coin continues to fall, its average purchase price could reach the $63,600 mark.
Emerging Tokens: Zero Floor and Lucky Eagle
After a hectic week, things came to a screeching halt at ZRO. The coin gained 83.54% of its value in the past month alone, but has lost 4.25% in the past 24 hours. In the absence of major market updates, the coin is trading below the $5 mark. Nonetheless, analysts have strong expectations for the token amid market changes.
The antics of the cryptocurrency market have once again surprised everyone. Over the past 24 hours, Hawk Tuah, a popular internet meme, has outperformed all other cryptocurrencies as a meme token. HAWK’s single-day increase reached 260.20%, and its 7-day increase reached 308.51%. Despite going against market sentiment, the community-driven platform is expected to slow down in a few weeks.
Market Outlook for Ethereum and Solana
Ethereum is following Bitcoin’s footsteps in terms of market performance and ETF updates. The second-largest cryptocurrency has also yet to see a breakout bullish move following the ETF’s approval. On the contrary, ETH has lost 1.22% in the past 24 hours. The coin is currently trading below the $3,500 mark, which worries traders. Given how closely Ethereum replicates Bitcoin’s movements, traders have similar expectations for Ethereum.
Solana is in the same boat as LayerZero, losing steam after a bullish week. The coin’s value has increased by 37.54% in the past month and by 7.43% in the past week. However, it is currently trading at $173, down 3.16% in the past 24 hours. Even the launch of a SOL-based meme token was not enough to help Solana outperform overall market sentiment. Overall, the cryptocurrency market appears to be undergoing a minor correction before preparing for a major rally.
