Crypto market cap hovers $2.45t as Bitcoin, Solana, Ethereum, Dogecoin face downward pressure

Digital Assets Struggle Amid Market Dip

Digital assets continue to face headwinds as the crypto market cap plummets 1.28%, hovering around $2.45 trillion, a 94.5% decline from a year ago.

Potentially influenced by the traditional market's downturn, which saw the Japanese yen reach a 34-year low against the U.S. dollar, leading cryptocurrencies Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) experienced price drops in the past 24 hours.

Bitcoin

According to CoinMarketCap, Bitcoin is currently valued at $63,284, representing a 2.32% decrease over the last day.

During that period, the top cryptocurrency recorded a trading volume of $22.89 billion, ranking second highest for the past 24 hours.

BTC 24-hr price chart | Source: CoinMarketCap

While Bitcoin's price remains over 118% higher than a year ago, it has incurred losses across other time frames:

• 10% dip over 30 days
• 6.7% drop over 14 days
• 1.3% loss over the past seven days

Solana

Solana, the fifth-largest cryptocurrency by market cap, witnessed a price decline of over 4% within 24 hours.

Currently, SOL is trading at $137.21, with a 24-hour trading volume slightly above $2.4 billion.

SOL 24-hr price chart | Source: CoinMarketCap

SOL's performance across different timeframes has also been unfavorable:

• 25.6% drop over 30 days (CoinGecko data)
• Nearly 8% dip over 14 days
• 2.6% loss over seven days

Ethereum

Ethereum has partially resisted the negative trend, albeit modestly. At the time of writing, it was trading at around $3,137, a 0.23% increase over the past day.

This slight gain was accompanied by a 24-hour trading volume of $10.26 billion, making ETH the third most traded cryptocurrency after Tether and Bitcoin.

ETH 24-hr price chart | Source: CoinMarketCap

Ethereum's seven-day gains are more substantial, with the current price reflecting a 4% improvement from a week ago.

However, the bearish sentiment in the crypto market over the past month has also impacted ETH, leading to a value loss of over 12%.

Dogecoin

Dogecoin, the leading meme token, also lost some value in the past 24 hours.

The dog-themed coin shed nearly 3% of its price during that time. Trading at approximately $0.1451, Dogecoin's value is also over 30% lower than a month ago.

DOGE 24-hr price chart | Source: CoinMarketCap

This performance is mirrored by other meme coins, including Pepe (PEPE), Dogwifhat (WIF), and Shiba Inu (SHIB), which are all currently in the red, with losses ranging between 2.82% and 7.87%.