The crypto market is facing a downturn as major coins like Solana, Bitcoin, Ethereum, and BNB experience notable price drops.
In the past 24 hours, Solana (SOL) has suffered the steepest decline among them. Following a seeming shift in market sentiment coming on the back of an underwhelming jobs report, Solana’s price plummeted by more than 7% in 24 hours.
The drop outpaced the losses of other leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and BNB, which all contributed to the overall value of the crypto market going down by more than 4%.
The downtrend also coincides with the S&P 500 declining for a third week in a row, while the Nasdaq 100 dipped 10% from last month’s all-time highs.
Solana drops 7.8%
Currently priced at $151.44, Solana has seen a sharp decline of 7.8% over the past 24 hours. Its 24-hour trading range was between $148.53 and $167.04, indicating a volatile market.
This decline is part of a broader downward trend, with a 7-day decrease of 18.7% and a 14-day loss of 10.3%.
Despite these short-term setbacks, SOL has managed a 30-day increase of 12.7%, showcasing its resilience in the face of market fluctuations.
Solana’s market cap stands at $70.47 billion, with a 24-hour trading volume of $5.57 billion. Its circulating supply is 465,387,830, with a total supply of 581,500,427 tokens.
BNB dips 5.8%
BNB registered the second-highest dip among the large-cap cryptocurrencies. The coin is currently trading at $540.14 having experienced a 5.8% decline in the last 24 hours. In that time, it traded between $526.70 and $576.88, reflecting the overall market volatility.
Over the past week, BNB has decreased by 8.3%, with a 14-day loss of 8.8%. However, on a yearly scale, BNB has shown a 124.8% gain.
The market cap for BNB is $78.82 billion, with a circulating supply of 145,887,575 BNB.
Ethereum slips 5.3%
Ethereum, the second-largest cryptocurrency, also fell by 5.3% in the past 24 hours and is currently priced at $2,988.15.
ETH’s market saw a 7-day decline of 8.8% and a more pronounced 14-day drop of 14.4%. Over the past month, ETH has also decreased by 5.2%, struggling to maintain momentum.
Despite these challenges, Ethereum’s market cap stands at $359.38 billion, with a 24-hour trading volume of $21.99 billion. The circulating supply is 120,255,176 ETH, highlighting the asset’s significant presence in the crypto ecosystem.
Bitcoin down 4.5%
Bitcoin stumbled over the last day as well. At the time of writing, the largest cryptocurrency by market cap was trading at $61,772.38 — a 4.5% decline in the past 24 hours.
It has also faced a 7-day drop of 9.5% and a 14-day decline of 7.2%, reflecting the bearish sentiment that has engulfed the broader crypto market. However, on a 30-day scale, the coin saw a modest gain of 6.7%, indicating that long-term holders may still find value in the asset.
With a trading range of $60,704.44 to $65,405.21 in the past day, Bitcoin’s market movements continue to influence the broader crypto market.
Its market cap still makes up more than half the value of the crypto market, underscoring its dominance and the significant trading volumes that keep it at the forefront of the digital asset landscape.