The week has not been favorable for the crypto market as it continues to showcase bearish tendencies. Ever since Biden made a surprising exit from the presidential race, the financial market has remained uncertain. Even the stablest cryptocurrencies, such as Bitcoin and Ethereum, are gradually losing minor value. Despite the struggle, emerging meme coins have captured the attention of traders across the world. However, it is not anticipated that their ascent will continue to be a dominant force in the market.
Here is an overview of the crypto industry with daily market updates.
Bitcoin
Following a week of continuous increase, Bitcoin has stabilized and is currently experiencing a slight decrease in value. The coin has lost 2.28% value in the past 24 hours, while its 7-day growth has been brought down to 5.17%.
The crypto has fallen from the $66k milestone but is now floating comfortably above the $65k mark. Without any major development, Bitcoin’s price has moved to 66.5k dollars for BTC holders in the past 3 months.
If the coin continues to drop, its average purchase price can reach the 63.6k dollar mark.
LayerZero
After spending the week in a flurry, things have suddenly come to a halt for ZRO. The token has lost 4.25% value in the past 24 hours, after gaining 83.54% value in the past month alone.
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With no major market updates,the coin is trading below the 5-dollar mark. However, analysts have strong expectations from the coin amid market shifts.
Hawk Tuah
The crypto market has yet again surprised everyone with its antics. In the past 24 hours, Hawk Tuah, a popular internet meme, has outperformed every other crypto as a meme token.
In the past day, HAWK has registered a 260.20% surge, while its 7-day growth is at 308.51%. Despite defying market sentiment, it is expected the community-driven platform will lose pace in a few weeks.
Ethereum
Ethereum is following Bitcoin’s footsteps in terms of market performance and ETF updates. The second-largest crypto is also yet to make an odds-defying bullish run after its ETF approval.
On the contrary, ETH has lost 1.22% value in the past 24 hours. The coin is now under the 3,500-dollar mark, which is concerning for traders. However, BTC also showed real progress only months after its ETF approval, eventually leading to Bitcoin hitting its all-time high.
Traders have bound similar expectations from Ethereum, given how closely it replicates BTC’s movements.
Solana
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Solana and LayerZero are in the same boat, losing momentum after a bullish week. The coin gained 37.54% in value in the past month and 7.43% in the past week. However, it is now trading at 173 dollars, a 3.16% dip in the past 24 hours. Even the release of a SOL-based meme coin was not enough to help Solana outperform overall market sentiment.
Overall, the crypto market seems to be undergoing a small correction before preparing for a big jump. Even the top 10 cryptos, barring a couple of stablecoins, are losing at least 1% in market value. However, this correction phase is expected to be followed by a massive comeback.
