Crypto Market Weakness: What is Behind the Decline in Value of Bitcoin, Ethereum, and Solana?
Weakening in the Cryptocurrency Market: Bitcoin, Ethereum, and Solana Losing Value
In recent days, the cryptocurrency market has seen some declines in the value of the most popular digital assets such as Bitcoin, Ethereum, and Solana. Experts point out the volatility of prices and external factors influencing the current situation in the cryptocurrency market.
Bitcoin Price Declines by Over 4%
According to data provided by CoinGecko, the price of Bitcoin (BTC) has decreased by over 4% in the last 24 hours, currently hovering around 63,400 USD. One of the factors influencing the current situation is the uncertainty surrounding the upcoming Bitcoin halving. Investors are closely watching to see if the cryptocurrency’s price will drop or rise again to reach a new peak after this event.
Bitcoin Projections
The investment firm AllianceBernstein predicts that by the end of 2024, Bitcoin could reach up to 90,000 USD, raising hopes among cryptocurrency enthusiasts in the market.
Popularity of Bitcoin ETFs
The introduction of Bitcoin ETFs to the market, approved earlier this year, has contributed to increased trading on decentralized exchanges. Currently, they represent as much as 15-20% of the total trading volume on these platforms.
Decline in Ethereum Value
Ethereum has also experienced a decline in value, losing nearly 6% in the last 24 hours. Currently, the price of ETH is around 3,320 USD. There is hope for SEC approval of Ethereum ETFs, but there is concern that according to regulations, ETH may be classified as a security, which could have a negative impact on the market.
Losses in the Solana Market
Solana is also facing losses, dropping 8% of its value in the last 24 hours and currently priced at around 171 USD. Issues with congestion related to meme coins trading are influencing price fluctuations in this network. Additionally, the prices of some Solana meme coins, such as BONK, Dogwifhat (WIF), and Slerf (SLERF), are also experiencing declines, indicating overall instability in the digital assets market.
It is worth noting that the cryptocurrency market is volatile and often susceptible to sudden price changes, so investors should monitor the situation and make informed investment decisions.
