Altcoins suffer heavy losses as BTC recedes 8%
Release: 2024/07/05 14:56 Reading: 595
On July 5, several prominent altcoins, including PEPE, BRETT, JASMY, and FLOKI, experienced significant declines of over 20%. This downturn corresponds with an 8% drop in the value of Bitcoin, the dominant cryptocurrency.
PEPE
The Ethereum-based meme coin PEPE witnessed a 15% decline over the past 24 hours, with trades occurring at $0.0000082. Its daily trading volume hovered around $1.29 billion, while its market capitalization fell by 15% to $3.46 billion.
BRETT
BRETT, a relatively new meme coin, saw a sharp drop of 20%. According to CoinMarketCap (CMC), it traded at $0.1143, with a daily trading volume of $71.3 million. Inspired by a character from the "Boy's Club" comic, its market capitalization decreased to $1.13 billion, placing it 59th among the top cryptocurrencies per CMC.
JASMY
JASMY, the native cryptocurrency for the Jasmy ecosystem, was not spared from the downward trend. It lost 15% over the past 24 hours, trading at $0.02083 with a daily trading volume of $177 million. Its market capitalization declined to $1 billion.
FLOKI
The Solana-based meme coin FLOKI also experienced a 15% drop, trading at $0.00013. It had a daily trading volume of $309 million, and its market capitalization fell to $1.25 billion, dropping it to 55th rank among the top 100 cryptocurrencies.
The overall decline in these altcoins follows the recent dip in the price of Bitcoin, which has significant influence over the broader cryptocurrency market. When Bitcoin experiences substantial drops, it can lead to widespread declines in altcoin values as investor confidence wanes and market sentiment turns bearish.
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