Today once again there is a huge decline in the cryptocurrency market and the main reason for this is the fall in the prices of Bitcoin (BTC). BTC, the largest and most influential coin in the crypto market, saw a big drop in its price, which also put pressure on the overall crypto market. This decline not only Bitcoin Not only was the price of Bitcoin affected, it also affected other cryptocurrencies, such as Ethereum, Solana, and XRP.
Impact of Bitcoin’s decline
Bitcoin recorded a decline of 1.22% in the last 24 hours, taking its price to around $94,327.89. Due to this decline, the market cap of Bitcoin has also come close to $1.86 trillion. However, BTC’s trading volume increased by 19.67%, indicating investor confidence. This shows that investor confidence in BTC is still intact, despite the decline in its price. But overall, BTC’s decline has impacted the rest of the crypto market as well.
Impact on crypto market
Bitcoin’s decline pushed the global crypto market cap to around $3.32 trillion, down 0.93% in the last 24 hours. The biggest reason for this decline has been Bitcoin, due to which other altcoins and memecoins also had to face pressure. However, some altcoins, such as Ethereum, XRP, and Solana saw growth, but their growth was not able to completely offset the impact of BTC.
Ethereum saw a 3% increase in the last 24 hours, taking its price to around $3,416.99. At the same time, XRP and Solana have also registered slight growth. like mimecoin Shiba Inu , PEPE and Dogecoin are also showing some improvement in their performance, but the decline in BTC has put all of them under pressure.
Conclusion
The main reason for today’s crypto market decline is the fall in Bitcoin prices, which has affected the overall crypto market. Although some altcoins and memecoins have seen growth, the overall market remains in decline due to pressure from BTC. Investors have to be cautious at this time and focus on long-term investment strategy. As the situation of Bitcoin improves, stability may also be seen in the crypto market.
