The cryptocurrency market is witnessing a significant dip in major coins today, raising investor concerns. Despite this, Bitcoin (BTC) has maintained stability around the $66,000 mark. However, other cryptocurrencies including Ethereum (ETH), Solana (SOL), and XRP have witnessed downward momentum.
Memecoins have followed suit, with Dogecoin losing by 2.02% to trade at $0.132. Shiba Inu has declined by 0.25%, now trading at $176.72. The global crypto market cap has decreased by 0.59% to $2.4 trillion, while the total crypto market trading volume noticed a 7.11% decrease to $81.35 billion. Despite those declines, the Fear and Greed Index remains within the Greed zone.
Bitcoin, Solana & Dogecoin on Red Lines
One of the market’s significant developments has been the performance of BlackRock’s iShares Bitcoin Trust (IBIT). This Nasdaq-listed ETF closely monitored Bitcoin’s current price and received $526.7 million in investor funds on Monday, according to early statistics from Farside Investors. This is the largest single-day total since March, according to Coinglass.
Since its beginning on January 11, BlackRock has raised roughly $19.5 billion in investor capital. Bitcoin is slightly down by 0.60% today, trading at $66,180.57 as of writing.
Solana (SOL) also fluctuated, reaching $185 on July 22, its highest level in the previous two months. However, it is currently down 0.56%, trading at $176.87. Solana prices have increased by 9.30% in the past week.
Investors are optimistic about the potential of pro-crypto candidate Donald Trump winning the presidential election, as recent gains reflect Joe Biden’s unexpected withdrawal from the race. The prospect of a Solana ETF has also boosted its upward momentum.
Also read: Kamala Harris Expected To Speak At 2024 Bitcoin Conference, Along With Trump
The upcoming Bitcoin 2024 conference, where Donald Trump is set to speak, is generating a lot of hype. This has contributed to the market’s increased risk appetite, particularly among memecoins such as Dogecoin.
Dogecoin, the leading memecoin by market capitalisation, has seen significant movement, rising by more than 25% since the murder attempt on Trump on July 13. Dogecoin is now down 2.26% and trading at $0.133. Despite the decline, Dogecoin has performed well this week, growing by more than 6% in the last seven days.
What to Expect from the Market?
As the market continues to react to political scenarios and investor sentiments, the volatility in crypto costs remains a key area for traders. The upcoming Bitcoin 2024 conference and potential coverage shifts should similarly affect the crypto space in the coming days.