Key Points
- Bitcoin slips to $66,805 amid broader market declines, impacting altcoins.
- Ethereum, Solana, and XRP drop between 3-6% as market sentiment turns bearish.
- Meme coins Dogecoin and Shiba Inu experience losses of 4-6%.
- Total crypto market cap drops 2.48%, though trading volume rises significantly.
Bitcoin Drops as Altcoins Tumble in Sync
Bitcoin (BTC) has witnessed a significant pullback, falling to $66,805 today, sparking a ripple effect across the broader cryptocurrency market. This decline has not only affected Bitcoin’s valuation but has also prompted synchronized drops among top altcoins. Ethereum (ETH), Solana (SOL), and XRP have each experienced declines ranging from 3% to 6% over the past 24 hours. Bitcoin’s market dominance saw a slight rise to 58.31%, further indicating the stark underperformance among altcoins.
This downturn in BTC’s price occurs despite robust inflows into spot Bitcoin ETFs, totaling $402 million as of October 25. However, Bitcoin’s high trading volume, fluctuating between $65,521 and $68,722 in the past day, hasn’t been sufficient to stabilize the broader market. The dip has raised concerns among investors about the longevity of the crypto market’s current bearish momentum.
Altcoins and Meme Coins See Notable Declines
Ethereum has also suffered a 3% drop to $2,449, moving within an intraday low of $2,381. This comes amid recent outflows from spot Ethereum ETFs, totaling $19.16 million as of October 25. Notably, Ethereum co-founder Vitalik Buterin recently emphasized the significance of the Helios multichain client, which could improve Ethereum’s scalability in the future.
Other top altcoins, including Solana and XRP, have followed suit. Solana dropped by nearly 5%, currently priced at $165, while XRP fell approximately 3% to $0.5109. These movements highlight the influence of Bitcoin’s price fluctuations on the overall altcoin sector, amplifying negative sentiment within the market.
Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are not exempt from the broader downtrend. Dogecoin has lost 4% over the past day, trading at $0.1337, while Shiba Inu dropped 6% to $0.00001675. Additionally, smaller meme tokens such as PEPE, WIF, and BONK have seen losses close to 8% intraday, further evidencing market-wide declines.
Crypto Market Volume Spikes Amid Downturn
The overall crypto market cap has declined by approximately 2.48%, now sitting at $2.27 trillion. However, trading volume surged by 45.66% to $105 billion, highlighting heightened market activity despite price declines. The elevated trading volume, while reflecting investor concern, also underscores the volatility currently shaping the crypto space.
Some cryptocurrencies have bucked the trend, albeit with minor gains. Monero (XMR) and Tether Gold (XAUt) saw modest 0.5% gains, trading at $158.13 and $2,761, respectively. Their relative stability in the face of a volatile market underscores the possible appeal of more stable crypto assets.
Steep Losses Among Lesser-Known Tokens
The most severe losses have been observed in lesser-known tokens. Wormhole (W) recorded a 12% drop, trading at $0.2385, while Celestia (TIA) fell 15% to $5.27. Similarly, Raydium (RAY) dropped 11% to $2.72, reflecting the vulnerability of smaller tokens during broader market corrections.
Despite the bearish trend, recent upticks on hourly charts for BTC, ETH, SOL, and XRP may be capturing the interest of some investors looking to capitalize on price movements. Nonetheless, market sentiment remains cautious amid continued uncertainty around crypto prices.
