Solana (SOL) Declines 8% Over the Week, Ripple (XRP) Falls Below $0.5: Market Update

Bitcoin attempted to breach the $26,000 mark hours ago but was halted, similar to several prior efforts.

The altcoins are once again experiencing declines, with XRP, SOL, and TONCOIN showing the most significant drops among the larger-cap cryptocurrencies.

XRP, SOL Decline

The alternative coins have encountered more favorable times, and the last 24 hours have further deteriorated their situation. Ethereum and Binance Coin are both down by another 1%. Consequently, ETH is nearing a potential drop below $1,600, while BNB remains just above $210.

Ripple and TONCOIN have recorded the largest daily losses, exceeding 3%. As a result, XRP has fallen further below $0.5, while TON has decreased to $1.7.

Solana is among the weakest performers on a weekly basis, having lost nearly 10% of its value. This decline comes amid rumors that FTX may soon begin selling its SOL tokens.

Thank you for subscribing; your first report will arrive in the coming hours!

Dogecoin, Cardano, Tron, Polkadot, Polygon, Litecoin, and Shiba Inu are also experiencing declines among the larger-cap altcoins, although some are seeing more modest losses.

Arbitrum’s native token has dropped by 6%, now sitting at $0.8.

The total cryptocurrency market capitalization has seen another $10 billion decrease in a single day, now totaling $1.030 trillion according to CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

BTC Struggles at $26K

Bitcoin has been relatively inactive in terms of price movements recently. This follows last week’s $3,000 drop that brought it down to an 11-week low of $25,350. The subsequent days have been rather sluggish, with BTC remaining below $26,000.

The only significant price increase occurred on Friday morning when the asset surged past that resistance, reaching as high as $26,400. However, it quickly lost all momentum and fell back to $25,800.

The weekend was uneventful, with minimal activity amid low trading volumes. The last 24 hours saw a slight rise toward $26,000, but it proved ineffective.

As a result, bitcoin is once again positioned below that threshold, with its market capitalization just above $500 billion. Its dominance over alternative coins has increased to 48.7% amid the declining altcoins.

BTCUSD. Source: TradingView

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.