Cryptocurrency Market Faces Challenges as Prices Drop

Cryptocurrency Market Endures Price Challenges

The cryptocurrency market has been grappling with hurdles as prices decline. Despite positive inflation news, the announcement of the FED's interest rate decision led to a Bitcoin price drop from $70,000 to $58,500. While the price hovers above $60,000, analysts predict a potential fall to $54,000.

Meme Coin Performance

Meme coins like BONK, PEPE, SHIB, and Ethereum have also been affected.

BONK Coin

BONK, a notable meme coin on the Solana network, has seen a 6.32% decline in the last 24 hours. Its price currently stands at $0.00002274, showing a 13% weekly increase but a significant 43% monthly loss. Market cap has dropped to $1.55 billion, and 24-hour trading volume has decreased by 36% to $178 million.

Pepe Coin

PEPE emerged as a surprise in 2023, significantly impacting the Ethereum network. After a 6% drop in the last day, PEPE trades at $0.00001162. Its market cap has declined to $4.890 billion, and trading volume has fallen below $500 million.

Ethereum

Ethereum, the second-largest cryptocurrency by market cap, has been a point of discussion since late May. Despite a recent 0.55% gain, its price remains below $2,900. However, market cap holds steady at $407 billion, indicating defense of the $400 billion mark. 24-hour trading volume has increased by 5.39% to $12.6 billion. Speculation persists that the approval of spot ETFs next week could trigger substantial price movements similar to those observed with Bitcoin.