The cryptocurrency landscape experienced a notable bearish trend on June 24, with major digital assets recording substantial losses. Bitcoin, the market leader, saw its value drop to $62,897.78, a 2.40% decrease over the past 24 hours.
This downward movement wasn’t isolated to Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, experienced a more pronounced decline of 3.04%, trading at $3,405.66. Other prominent altcoins followed suit, with Solana (SOL) and XRP recording losses of 5.73% and 2.39% respectively.
The ripple effect of this bearish sentiment was felt across the broader crypto market. The global cryptocurrency market capitalization shrank by 2.37%, settling at $2.29 trillion. Interestingly, despite the overall downturn, trading volume surged by 23.68% to $42.51 billion, indicating increased market activity.
In the meme coin sector, popular tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) weren’t spared from the market correction. DOGE fell by 2.42% to $0.1218, while SHIB experienced a more significant drop in the 4-8% range.
While the majority of cryptocurrencies traded in negative territory, UNUS SED LEO (LEO) managed to buck the trend, posting a modest gain of 0.41%.
The day’s biggest losers included LayerZero (ZRO), JasmyCoin (JASMY), and dogwifhat (WIF), with double-digit percentage losses ranging from 10% to 12%.
Despite the overall bearish trend, short-term hourly charts showed some signs of recovery for certain tokens like XRP, DOGE, and SHIB, hinting at potential market volatility.
This market downturn comes amidst ongoing discussions about cryptocurrency regulations and global economic factors, reminding investors of the inherent volatility in the digital asset space.
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