On July 5, several major altcoins, including PEPE, BRETT, JASMY, and FLOKI, experienced declines of more than 20%, mirroring Bitcoin’s 8% drop in 24-hour trading.
As of the latest update, the Ethereum-based meme coin PEPE had decreased by 15% over the past 24 hours, with trades occurring at $0.0000082 per coin. During this period, the total daily trading volume across crypto assets remained stable at approximately $1.29 billion. Concurrently, PEPE’s market capitalization also declined by 15%, now standing at $3.46 billion.
BRETT, a memecoin launched four months ago, saw a 20% decline, trading at $0.1143, based on data from CoinMarketCap (CMC). During this period, the meme coin, inspired by a character from the “Boy’s Club” comic, recorded a daily trading volume of $71.3 million.
Meanwhile, the crypto asset’s market capitalization dropped to $1.13 billion, positioning it as the 59th largest cryptocurrency according to CMC rankings.
JASMY, the native cryptocurrency facilitating activities within the Jasmy ecosystem, has also felt the impact of recent Bitcoin price movements. As of the latest update, it had declined by 15% over the past 24 hours, trading at $0.02083, with a daily trading volume amounting to $177 million. The token’s market cap had decreased to $1 billion.
The Solana-based meme coin FLOKI also experienced a 15% decline, trading at $0.00013 at the time of reporting. Its daily trading volume reached $309 million, while the token’s market capitalization decreased to $1.25 billion. Currently, the crypto asset holds the 55th position among the top 100 cryptocurrencies by market capitalization.
The widespread decline in altcoins follows Bitcoin’s 8% drop in the past day, bringing its price to $54,426 on Friday morning. Bitcoin’s trading range over the period saw lows of $53,717 and highs of $58,591.
Simultaneously, Mt. Gox transferred 47,229 BTC valued at $2.7 billion to an undisclosed wallet, coinciding with outflows of $20.45 million from US spot Bitcoin ETFs, raising concerns among investors.
Bitcoin’s dominance rose by 0.58% from the previous day, signaling reduced activity in the altcoin market.
Ethereum, the largest altcoin, also experienced an 11% decline over the last 24 hours, trading at $2860 at the time of reporting.
The sharp downturn in the altcoin market is closely tied to Bitcoin’s performance due to its significant influence and market dominance. Significant declines in Bitcoin prices often trigger a cascade effect across the cryptocurrency market, leading to widespread decreases in altcoin values as investor sentiment turns bearish and confidence diminishes.
