3 Altcoins that Are Bleeding Out Alongside Bitcoin: ETH, SOL, DOGE

Altcoin Market Slumps as Bitcoin Price Dips

September 8, 2024

Bitcoin's recent price decline has triggered significant downturns in the altcoin market. Major altcoins such as Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) have experienced notable price drops.

Ethereum (ETH): Struggles to Gain Ground

Ethereum has mirrored Bitcoin's downward trend, losing 8.43% to $2,287 in the past week. Despite a 2.72% gain in the last 24 hours, Ethereum's performance remains impacted by the bearish market sentiment.

Solana (SOL): Network Woes Fuel Price Drops

Solana has faced challenges, with its native token SOL declining by 4.62% to $128.69 in the past week. Concerns over network reliability have fueled short-selling in the market, with open interest in SOL futures increasing by 20%. If the bearish momentum continues, SOL could fall below $100, a critical support level.

Dogecoin (DOGE): Meme Magic Fading

Dogecoin has retreated by 7.29% in the past month, currently hovering around $0.10. Despite some whale accumulation, DOGE has yet to indicate signs of recovery. Trading volumes remain low, leaving investors bearish towards the asset.

Market Outlook

The weakness observed in Ethereum, Solana, and Dogecoin highlights the current downward pressure on the altcoin market. Unless Bitcoin experiences a rebound, these altcoins are likely to face continued declines.