The cryptocurrency market experienced a significant decline today, April 29; Major players such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced significant price declines. This pullback comes amid a broader market correction that has affected several asset classes in recent weeks.
Bitcoin and ETH are losing momentum
Bitcoin, the undisputed king of cryptocurrencies, failed to hold above the critical $63,000 level. At the time of writing, BTC is trading at $62,493.78, reflecting a decline of 2.11%. Interestingly, despite the price drop, Bitcoin’s trading volume increased by 7.55% to $18.83 billion in the last 24 hours. This may indicate that activity is increasing, but the market remains bearish. Bitcoin’s market value continues to remain at a significant level at $1.23 trillion.
Ethereum, the second-largest cryptocurrency by market cap, mirrored Bitcoin’s bearish trend. ETH fell 3.18% to $3,197.19 and fell below $3,200. However, trade volume similarly increased by 7.08%, reaching 12.51 billion dollars. Although there is increased trading activity, the general perception is to sell. Ethereum’s current market value stands at $390.21 billion.
Altcoins are feeling the heat too
The bearish wave spread to other leading altcoins as well. Solana (SOL), known for its smart contract functions, continued trading below $140. The price dropped 5% to $136.02. However, SOL saw a modest 1.22% increase in daily trading volume to $2.04 billion. XRP (Ripple) also succumbed to the selling pressure and fell below the $0.51 level. It registered a steeper decline of 2.83%, dropping the price to $0.5073.
Interestingly, XRP’s trading volume increased by 16.31% to $705.22 million. This indicates increased activity, possibly due to short-term price movements. Another major altcoin platform, Cardano (ADA), could not escape this situation. The price settled at $0.4549, losing 3.33%. Despite the price drop, ADA’s trading volume increased by 3.98% to $268.60 million in the last 24 hours.
Meme coins are feeling the pinch too
The meme coin industry, once the focus of speculative activities, was not immune to the crisis. The two most popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), reflected the broader market trend. Dogecoin fell 3.20% to $0.1447, while Shiba Inu lost 4.09% to $0.00002395.
While Bitcoin fell, 3 altcoins rose
While the overall bearish trend continues, a few cryptocurrencies managed to reverse the trend and post gains. Helium (HNT) emerged as the biggest gainer today, gaining an impressive 14.38% to $5.19. Kaspa (KAS) and Arweave (AR) also exhibited positive price movements, with gains of 5.67% and 2.10% respectively. It is worth noting that these are only the ones rising among the largest altcoins by market cap. Of course, among altcoins with lower market capitalization, there are altcoins that gain more than this increase percentage.
On the other hand, many cryptocurrencies witnessed significant losses. Core (CORE) took the biggest hit, falling 6.74% to $2.13. Celestia (TIA), Worldcoin (WLD) and Bonk (BONK) also experienced significant declines, ranging from 5.72% to 5.96%.
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