Altcoins BRETT, PEPE, WIF, and JUP plummet 10% as Bitcoin drops 4%

Altcoins Experience Significant Losses Following Bitcoin's Decline

On July 8, numerous altcoins faced a downturn, including BRETT, PEPE, WIF, and JUP, all losing over 10% as Bitcoin, the world's leading cryptocurrency, dropped 4% in the previous day.

BRETT

BRETT, a meme coin inspired by a character from the "Boy's Club" comic, remained down 8% in the past 24 hours and 30% in the past 7 days. Its trading volume hovered around $49.1 million, while its market cap dropped to $1.12 billion, placing it 62nd among cryptocurrencies according to CoinMarketCap (CMC).

PEPE

Ethereum-based meme coin PEPE suffered the most significant loss on Monday morning, plummeting 12% within the past day. Over the past week, it has also declined by 30%. Inspired by the iconic green frog meme, PEPE's daily trading volume reached $768 million, while its market cap fell to $3.47 billion, ranking 24th among the top 100 cryptocurrencies.

WIF

Solana-based meme coin WIF experienced an 11% decline over the past day, trading at $1.66 at the time of writing. Over the past week, it has also dropped by 27%. Despite a 14% increase in its daily trading volume to approximately $468 million, its market cap dropped to $1.6 billion.

JUP

Jupiter (JUP), a Solana-based decentralized exchange (DEX) aggregator, faced a 10% loss in the past 24 hours and 16% over the past week. Its daily trading volume remained stable at $109 million, while its market cap fell below $1 billion.

Bitcoin's Impact

The decline in these altcoins primarily stemmed from a decrease in Bitcoin's value, which fell 4% in the past day to $55,676 on Monday morning. The crypto asset has lost 12% over the past 7 days, sparking concern among investors.

German Government's Bitcoin Holdings

Contributing to the market volatility, the German government transferred 700 BTC, valued at approximately $40.47 million, to crypto exchanges as part of an ongoing trend. This move has raised questions about potential impacts on the market.

Mt. Gox Transfers

Mt. Gox, once the world's largest cryptocurrency exchange, moved 47,229 BTC worth $2.7 billion to an unknown wallet, further influencing Bitcoin's price decline. As Mt. Gox prepares to repay its creditors, concerns arise about potential market pressures due to the influx of Bitcoin into the market.

Altcoin Market Volatility

The altcoin market's performance is closely tied to Bitcoin's dominance. Significant price drops in Bitcoin often lead to widespread declines in altcoin values as investor confidence wanes.

Despite the current downturn, some analysts remain optimistic about the potential for an altcoin season to commence in the near future.