Altcoins suffer heavy losses as BTC recedes 8%

Altcoin Market Plunges

On July 5, the majority of altcoins suffered significant declines, mirroring the 8% drop in Bitcoin within 24 hours of trading.

PEPE

The Ethereum-based meme coin, PEPE, witnessed a 15% decrease in the past 24 hours. As of writing, it traded at $0.0000082 with a daily trading volume of $1.29 billion. Its market cap also fell by 15% to $3.46 billion.

BRETT

Launched four months ago, BRETT dropped 20%, exchanging hands at $0.1143. Its daily trading volume reached $71.3 million, while its market cap declined to $1.13 billion, ranking it as the 59th largest cryptocurrency on CoinMarketCap.

JASMY

JASMY, the native cryptocurrency of the Jasmy ecosystem, experienced a 15% drop. It was trading at $0.02083 with a daily trading volume of $177 million. The token's market cap fell to $1 billion.

FLOKI

Solana-based meme coin FLOKI also declined by 15%, trading at $0.00013. Its daily trading volume stood at $309 million, and its market cap dropped to $1.25 billion, placing it in the 55th position among the top 100 cryptocurrencies.

Market Dynamics

The altcoin market decline coincided with Bitcoin's fall and the transfer of 47,229 BTC to an unknown wallet. Bitcoin's dominance increased by 0.58%, indicating reduced altcoin activity. Ethereum, the largest altcoin, also dropped 11%.

The altcoin market is often influenced by Bitcoin's performance, as its price fluctuations can trigger ripple effects throughout the cryptocurrency ecosystem. Altcoin values may decline when Bitcoin experiences significant drops, leading to a bearish market sentiment.