After a quick bullish session, the crypto market is showing signs of correction. The majority of the top cryptocurrencies have been unable to establish a consistent rhythm over the past 24 hours.
From Bitcoin and Ethereum to Cardano, the top 10 cryptocurrencies (barring USDC and USDT stablecoins) have lost over 1% in market value. Biden’s unforeseen withdrawal from the presidential race is the primary reason for the dip.
In just 30 minutes, the news wiped out 67 million dollars worth of crypto-long positions. Besides that, the market is recuperating, with Ethereum showing sensitivity due to its ETF inflows. On that note, let’s take a look at the daily crypto update for major and meme tokens.
Bitcoin
The market price of BTC has decreased by 1.21% in the past hour, and it has been down by 1.88% over the past 24 hours. It is anticipated that the top cryptocurrency will continue to trade above the 66k-dollar threshold for the time being.
In related news, the US government has decided to move 4 million dollars of BTC to Coinbase. Bitcoin ETFs are exhibiting strong inflows, indicating a potential resurgence of the cryptocurrency.
Ethereum
Advertisement
Ethereum’s one-hour dip is not as steep as Bitcoin’s, with the crypto losing 0.54% in market value. In the past 24 hours, the altcoin has lost 1.74% of its value, but it is still floating above the 34k-dollar mark.
Surprisingly, the biggest shock to the Ethereum community did not come from Biden’s end. The ETH circle was stunned to witness a 1 billion-dollar Ethereum transfer hours after the news. In the meantime, Grayscale has also prepared itself to launch an Ethereum ETF with massive transfers.
Solana
Solana, the fifth-ranked crypto in the market, has also lost 0.72% of its market price in the past hour. Its 24-hour performance notes a dip of 2.94%; however, the coin has gained 11.90% value in the past 7 days.
It is currently trading at a comfortable 174.45 dollars with minor fluctuations. However, with rumors surrounding an upcoming SOL ETF, whales have also started to move. Thus, it is not anticipated that SOL will remain inactive for an extended period.
LayerZero
On a positive note, ZRO, or LayerZero, has exceeded expectations by registering a 2.41% surge in the past 24 hours.
The coin has been on a roll, with a 27.66% surge in the past 7 days and a 63.82% growth in the past month. ZRO is among the few coins that have been trending with a positive outlook in the past 24 hours.
Solympics
Advertisement
Solympics, a SOL-based meme token, has taken the crypto domain by storm. The coin has surged 125.30% in the past 24 hours.
The meme token is still in its early market stages, so it has the freedom to defy market sentiment. Given its indirect association with SOL and its status as a meme token, SOLYMPICS is expected to generate quick profits in the upcoming few weeks.
