Key Points
- Major cryptocurrencies like Solana, Bitcoin, Ethereum, and BNB are experiencing significant price drops.
- Solana has seen the steepest decline, with a 7% drop in 24 hours, following a shift in market sentiment.
The digital asset market is currently undergoing a decline, with prominent coins like Solana, Bitcoin, Ethereum, and BNB witnessing substantial price reductions.
In the last day, Solana (SOL) has seen the most significant plunge. This decrease comes in the wake of a change in market sentiment, following a disappointing jobs report. Solana’s price has fallen more than 7% in 24 hours.
Market Downtrend
This decline surpasses the losses of other top cryptocurrencies like Bitcoin, Ethereum, and BNB. These decreases have contributed to the total value of the digital asset market falling by over 4%.
This downtrend aligns with the S&P 500 falling for the third consecutive week and the Nasdaq 100 dipping 10% from last month’s record highs.
Currently, Solana is priced at $151.44, marking a sharp 7.8% decline in the past 24 hours. Its 24-hour trading range was between $148.53 and $167.04, indicating a volatile market.
Short-term Setbacks
This drop is part of a larger downward trend, with a 7-day decrease of 18.7% and a 14-day loss of 10.3%. Despite these short-term setbacks, SOL has seen a 30-day increase of 12.7%, demonstrating its resilience amid market fluctuations.
Solana’s market cap is at $70.47 billion, with a 24-hour trading volume of $5.57 billion. Its circulating supply is 465,387,830, with a total supply of 581,500,427 tokens.
BNB has recorded the second-highest dip among the large-cap cryptocurrencies. The coin is currently trading at $540.14, having experienced a 5.8% decline in the last 24 hours. In that period, it traded between $526.70 and $576.88, reflecting the overall market volatility.
Over the past week, BNB has decreased by 8.3%, with a 14-day loss of 8.8%. However, on a yearly scale, BNB has shown a 124.8% gain. The market cap for BNB is $78.82 billion, with a circulating supply of 145,887,575 BNB.
Ethereum, the second-largest cryptocurrency, also fell by 5.3% in the past 24 hours and is currently priced at $2,988.15. ETH’s market saw a 7-day decline of 8.8% and a more pronounced 14-day drop of 14.4%. Over the past month, ETH has also decreased by 5.2%, struggling to maintain momentum.
Despite these challenges, Ethereum’s market cap stands at $359.38 billion, with a 24-hour trading volume of $21.99 billion. The circulating supply is 120,255,176 ETH, highlighting the asset’s significant presence in the crypto ecosystem.
Bitcoin also stumbled over the last day. At the time of writing, the largest cryptocurrency by market cap was trading at $61,772.38 — a 4.5% decline in the past 24 hours.
It has also faced a 7-day drop of 9.5% and a 14-day decline of 7.2%, reflecting the bearish sentiment that has engulfed the broader crypto market. However, on a 30-day scale, the coin saw a modest gain of 6.7%, indicating 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 influence the broader crypto market. Its market cap still makes up more than half the value of the crypto market, underscoring its dominance and the significant trading volumes that keep it at the forefront of the digital asset landscape.
