$510B crypto sell-off wipes 2024 gains for top 50 coins
Release: 2024/08/06 17:14 Reading: 486
Over half of the top 50 cryptocurrencies by market capitalization have experienced losses after a significant sell-off, the largest in over a year.
The total market capitalization of cryptocurrencies fell by $510 billion. Following the sell-off, over 60% of the top 50 cryptocurrencies lost their gains from 2024, according to CryptoQuant author Binhdangg:
"After Black Monday, 60% of coins in the top 50 have removed all profit since the beginning of 2024 and even get losses."
Following the sell-off, Ether (ETH) briefly dipped to $2,200, a five-month low. Losing this psychological level could lead to increased panic selling and downward pressure in the market.
Factors Contributing to the Sell-Off:
- Macroeconomic Developments: The Bank of Japan raised its interest rate from 0% to 0.25%.
- Industry-Specific Actions: Five major market makers sold a total of 130,000 Ether ($290 million) between August 3rd and 5th, contributing to the price decline.
Memecoins:
Memecoins experienced significant losses, particularly Solana-based Dogwifhat (WIF), which fell over 41% in a week. Frog-themed Pepe (PEPE) also saw a substantial drop of over 34%.
Due to their lack of intrinsic value, memecoins are more susceptible to correction-related losses during market fluctuations.
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