The crypto market has entered a correction phase, with the leading cryptos experiencing a loss of over 10% in value. The slump has witnessed Bitcoin losing 14.56%, Ethereum 20.56%, and other cryptos following them.
Even meme coins like PEPE have lost a considerable amount of value in the past 24 hours. After the global financial industry crashed, the market entered a slump. This triggered the biggest crypto crash of the year, with only a handful of coins surviving the dip.
On that note, here are the daily crypto updates with the latest developments.
Bitcoin
The largest crypto in the world responded to the market crash with a 14.56% dip. The crypto has lost more than 25% value in the market and is currently trading around the 52k-dollar mark.
While the short-term traders are leaving the market, long-term investors are buying the dip. With a global meltdown, the coins are expected to stay in the dump for a bit.
Ethereum
Ethereum has lost even more value than Bitcoin, dropping over 21% in the past 24 hours. Despite receiving its ETF approval only a few weeks ago, its 7-day loss has reached 32.51%.
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It is currently valued at 2,228 dollars and is losing value gradually. Analysts originally expected the crypto to make a turnaround in September. However, the latest fiasco has forced a new perspective on the traders.
Ponzio The Cat
PONZIO or Ponzio The Cat is one of the rare coins that still shows a positive note on the 7-day chart. In the past 24 hours, the meme coin has lost 10% value and is trading at 222.37 dollars.
What is interesting to note is that PONZIO has secured a growth of 2768.35% in the past month. However, the coin’s market cap is still unverified, making it a risky investment choice.
Stablecoins
As expected, the stablecoins have once again justified their purpose. Tether (USDT) and USDC are the sole two coins in the top 10 cryptos that have not lost value in the past 24 hours.
Both stablecoins are trading at 1 dollar with 0.05% fluctuation over the past week. Amid the ongoing market crash, USDT and USDC are the most desirable coins among conservative traders.
Dogecoin
Like most other meme tokens, DOGE has also lost a considerable amount of value. The meme coin has dropped by 20.83% in value in the past 24 hours.
Its 7-day loss stands at 36.23%, while its current market price is 0.0852 dollars. Dogecoin is constantly losing value, dipping more than 7% in the last hour alone. Expert analysts are expecting the token to lose even more value, making it undesirable for short-term traders.
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Besides this, other top coins like ADA, BNB, and SOL have also lost over 20% value in the past 24 hours alone. Surprisingly, Ethereum, which is counted among the stablest cryptos, has lost the most value among the top 10 cryptos in the past day.
As days pass, analysts expect Ethereum to make a quicker recovery given its growing ETF inflows.
