The cryptocurrency market experienced another volatile day, with Bitcoin (BTC) retracing to $96,000 and major altcoins like Ethereum (ETH), Solana (SOL), and XRP experiencing notable declines.
However, amid the market-wide bearishness, Bitgate’s BGB token surged by 22% and attracted the attention of investors.
The global crypto market cap fell 2.5% to $3.34 trillion in the last 24 hours.
However, trading volume increased by 5% to $123.46 billion, indicating increased activity.
Bitcoin (BTC) fell 2.5%
The price of Bitcoin fell 2.5% in the last 24 hours, trading at $96,029, with a low of $95,137 and a high of $98,973.
Despite the downturn, BTC maintained its dominance at 57.05%. Analysts suggest the recent decline is linked to broader macroeconomic concerns, including the US Federal Reserve’s aggressive policies.
Adding to the optimism for BTC, US energy management company KULR recently invested $21 million in the cryptocurrency, indicating continued institutional interest.
However, market experts have warned of a possible correction, with some predicting a drop to $80,000 soon.
Ethereum (ETH) dropped 3%
Ethereum mirrored Bitcoin’s decline, slipping 2% to $3,374.
Its 24-hour range remained between $3,302 and $3,446.
Futures data showed open interest increased marginally to $23.47 billion, while derivatives trading volume rose 29% to $35.69 billion.
This mixed sentiment highlights Ethereum’s resilience amid broader market turmoil.
SOL and XRP also fall
Solana price fell nearly 3%, trading at $190.31 with an intraday range of $186.86 to $195.27.
Futures data showed a 3% decline in open interest, while derivatives volume climbed 24%.
Despite the decline, Solana remains a strong contender according to analysts with a long-term price target of $400-$500.
XRP fell 3.5% to $2.18, with a day low of $2.13 and a high of $2.25.
While the ongoing Ripple legal saga has boosted community sentiment, short-term volatility is impacting XRP’s price trajectory.
Analysts estimate a potential rise to $27 in the coming months.
Meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) followed the market trend with a decline of 3% and 2% respectively.
Meanwhile, Bitget Token (BGB) defied bearish sentiment, rising 22% to $7.67. Other gainers include FTX Token (FTT) up 8%, and GetToken (GT) up 5%.
Among the top losers, MOVE and HBAR declined by 8%, while Fantom (FTM) declined by 7%.
Despite the current market bearishness, hourly gains of 0.06% and 0.15% for BTC and ETH indicate stabilization.
Market participants are now expecting a correction as experts say the bull cycle is not over yet.
Post Bitcoin falls to $96K while altcoins mirror market decline; BGB token bucks the trend first appeared on Invez
