The cryptocurrency market experienced a significant downturn today, March 19, 2024, with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) witnessing sharp price declines. While Bitcoin fell below $65,000 again, Ethereum fell below $3,400. Other altcoins including XRP, Cardano (ADA), and Solana (SOL) also suffered significant losses.
Fall wave in Bitcoin and altcoins
The leading cryptocurrency, Bitcoin, took the brunt of the bearish trend, falling 4.56% to $65,321.09. However, this decline was accompanied by a surprising increase in trading volume, which increased by 24.12% in the last 24 hours to $55.02 billion. Ethereum performed even worse, falling 6.53% to $3,383.23, giving it a market cap of $405.08 billion. Despite the price drop, ETH’s trading volume also increased significantly by 20.67%, reaching $24.04 billion.
Solana, another major altcoin, could not escape the crisis either. After briefly surpassing $200 earlier today, the SOL price fell 7.69% to $187.16. Interestingly, Solana’s trading volume increased by 8.42% in the last 24 hours, reaching $11.60 billion. The trend generally continued; Binance Coin (BNB) and XRP experienced similar declines of 6.69% and 2.50% respectively. BNB settled at $529.12, while XRP reached $0.60. However, both cryptocurrencies saw an increase in trading volume. BNB gained 12.36%, while XRP trading volume increased by a staggering 85.67%.
Meme coins took a hit
Cardano (ADA) also fell by 6.85% to $0.629. While the price of ADA decreased, its trading volume increased by 13.20% to $876.94 million. The pain has also spread to popular cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB), which are down 11.38% and 11.04% respectively.
The bloodbath wasn’t just limited to established currencies. Pepe Coin (PEPE), a meme coin, witnessed a massive crash, dropping a staggering 20.49% to $0.000006184. Its market value also took a hit, falling to $2.61 billion. Additionally, PEPE’s trading volume decreased by a significant 14.61% to $1.08 billion.
Unexpected rise in Fantom and Slerf as Bitcoin falls
In a sea of red, Fantom (FTM), a DeFi-focused cryptocurrency, made a surprising gain. FTM defied the bearish trend and gained a significant 6.82% to $0.8877. This impressive rise was accompanied by a significant increase in trading volume, up 78.25% to $670.35 million.
On the other hand, Slerf, a Solana-based meme coin, defied expectations with a remarkable comeback. Despite facing a recent downturn due to a developer bug that resulted in significant token loss, Slerf witnessed a phenomenal rise of over 65% in its price today. As of the moment of writing, the SLERF price is at $1.03 and the transaction volume is at a staggering level of $1.71 billion. Notably, the cryptocurrency touched a high of $1.37 and a low of $0.3401 in the last 24 hours.
Why is Slerf rising?
For Slerf, LBank Exchange, as the initial donor, offered a ray of hope to affected investors by promising to act as the custodian of the donation address. In addition, the CEO of Solana-based DEX Jupiter Exchange, who goes by the name “meow” on the X platform, said he will donate current and ongoing SLERF limit order and DCA fees to Slerf presale participants, showing solidarity with the community in their time of need.
Aside from LBank and Jupiter Exchange, support for Slerf has poured in from unexpected quarters. For example, artist Beeple lent his creative talent to the cause by creating a work of art dedicated to Slerf. On the other hand, Tron Founder Justin Sun’s HTX announced a charitable gesture by promising to donate all Slerf trading revenue on HTX Global to compensate private sale participants and contribute to Slerf’s transaction fee mining on HTX.
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