As the crypto market stagnates, Bitcoin holds its ground while altcoins and memecoins face resistance and declines.
Bitcoin (BTC) continues to hover around $85,556, with a moderate 24-hour trading volume of $29.48 billion, maintaining a market capitalization of $1.69 trillion. Despite a lack of major news or market-moving events, Bitcoin remains stable, reflecting an overall cautious sentiment in the cryptocurrency space.
Ethereum (ETH) and XRP are also facing resistance near crucial price levels. Ethereum’s price has been trading near $1,630, while XRP is hovering around $2.15. Both coins have encountered difficulty breaking through key resistance zones, making it hard for them to sustain upward momentum in the current market environment. Solana (SOL) is similarly stuck around the $130 mark, which has been a significant support level for the coin.
The memecoin market, on the other hand, has faced a significant downturn. Leading memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, and TRUMP have all seen sharp declines over the past 24 hours. DOGE fell by 4.60%, SHIB dropped by 3.27%, PEPE declined by 4%, and TRUMP lost 5.7%, highlighting the struggles in the sector.
Despite the overall slump in memecoins, some altcoins have managed to perform well. MANTRA (OM) surged by 30% from yesterday’s low, and Alchemy Pay (ACH) saw an increase of 27%. However, not all tokens are performing well; Babylon’s BABY token is down by 19%, leading the losers’ list for the day.
As the market lacks significant catalysts and continues to experience low trading volumes, many investors are opting for a cautious approach. The broader sentiment is that of uncertainty, and with few changes expected in the near future, the market remains in a holding pattern.
Source: CryptoTimes