After an unexpectedly bullish session, the crypto market has entered a slump. The market has been sluggish for the past week, with most cryptos gradually dropping in value.
Most of the top 10 cryptocurrencies have lost value in the past 24 hours, with the exception of Solana and Ripple, which have also lost value in the past seven days. On the other hand, outliers such as Super Trump Coin, Solympics, and BLOCKLORDS, among others, defy market expectations.
However, even the newly emerged meme coins are unable to maintain their stance for long. On that note, let’s look at the daily crypto update:
Bitcoin
The largest cryptocurrency in the market has reached a standstill in the past week. In the past 24 hours, BTC has lost 2.27% of its value and is now nearing the 64k-dollar mark.
A few days ago, the crypto was comfortably floating above the 66k-dollar mark. However, Biden’s sudden withdrawal from the presidential race put Bitcoin in a tough spot.
The Mt. Gox’s sell-off for credit payments did not help Bitcoin’s case either, acting as the final blow. Despite a surge in the Bitcoin ETF inflows, the crypto continues to lose value every day.
Ethereum
Ethereum is usually considered the stabler option compared to Bitcoin. However, the coin has defied every expectation in the past few days. The market expected ETH to explode after the SEC approved the ETH ETF.
However, the crypto has only lost value since the approval. Currently, ETH is about to hit the 3,100-dollar mark after losing 7.34% value in the past 24 hours. In the coming weeks, the crypto is expected to replicate BTC’s comeback just weeks after its ETF approval.
Solana
Solana is one of the few top cryptos that has maintained its stability. In the last few hours, the coin has only lost 0.47% of its value. In fact, SOL has gained 8.96% value in the past seven days, while its monthly growth is 25.92%.
The coin is trading at 171.69 dollars and is expected to surge due to the emergence of its unofficial meme token replicas.
XRP
XRP, or Ripple, is in the same boat as SOL. The coin has gained 0.44% value in the past 24 hours. Its 7-day growth is 2.48%, while its monthly growth is 25.70%.
Despite the ongoing legal battle against the SEC, XRP is comfortably trading above the 0.5-dollar mark. It is currently valued at 0.601 dollars, and an XRP price is expected to surpass its previous ATH in 2024.
BLOCKLORDS
The wild-card entry for the day is definitely BLOCKLORDS, with a 158.82% surge over the past 24 hours. The newly added gaming altcoin has taken the market by storm in a matter of hours.
The coin’s value skyrocketed as soon as Coinbase listed it, and it is currently trading around the 2-dollar mark.
Overall, the market seems to be gaining stability with the exception of major players, like Bitcoin and Ethereum. It is worth noting that almost every other day, a couple of newcomers are defying market sentiment to register 150%+ growth. Traders are now on the lookout for such coins, especially given the ongoing sluggish market conditions.
