Crypto Price Update August 5: BTC Declines to $50K, ETH Leads Altcoin Crash
The crypto prices have demonstrated a disturbing downtrend today. This has raised major concerns among investors who now worry about the future outlook of the market. Major updates like the delay in rate cuts by the Fed, massive long liquidations, and negative BTC and ETH ETF flows have contributed to the downturn.
As a result, the price of Bitcoin plummeted to new monthly lows, briefly touching $49k but has quickly regained the $50,000 mark. Similarly, Ethereum has crashed more than 20% over the last day and now trades close to $2,000. Consequently, the total crypto market cap has seen 17.43% wiped out of its value, now resting on $1.78 trillion. Below is an overview of the top cryptocurrencies and how they have performed in the last 24 hours.
Top Crypto Prices Today
The price of BTC has dropped by 15.48% over the last day to rest at $51,547. Moreover, Bitcoin has touched lows and highs of $49,221.15 and $61,048 respectively in the last 24 hours with an increase of 152% in its one-day trading volume underscoring heightened selling activities. According to data from Soso Value, Bitcoin has witnessed negative ETF flows as of August 2, recording outflows of $237.45 million.
At the same time, the price of ETH has nosedived by 22.14%, reaching $2,271 in the last 24 hours. Just like BTC, Ethereum has seen negative ETF flows. Per Soso Value data, ETH ETF saw a $54.27 million daily net inflows as of August 2. The coin has reached the bottom and top of $2,171.25 and $2,922 respectively with a 24-hour trading volume of $49.8 billion.
Other Altcoin Prices
The price of Solana has plummeted by 18.05% to $117.62. Also, SOL had its bottoms and tops at $112.01 and $144 respectively. In the weekly chart, SOL has crashed by 39%, and, recorded a 6.30% decrease in the last 30 days.
The XRP Price has dropped way below the $0.6 mark. XRP nosedived by 17.50% to trade at $0.4575 over the last day. Interestingly, XRP has traded between $0.4441 and $0.5534 in one day.
Meanwhile, Cardano (ADA) has dropped by 17.64% to $0.297, maintaining a bottom and top range of $0.2789 and $0.3603 respectively. Also, Toncoin (TON) has declined by 14.93% to $5.12. Its one-day lows and highs were $4.93 and $6.17.
Dogecoin (DOGE) and Shiba Inu (SHIB) are leading the memecoin downtrend today. While DOGE saw a notable 19.20% loss, SHIB recorded a decline of 16.59%. As a result, DOGE and SHIB are now trading at $0.083 and $0.00001177 respectively. Also, PEPE has lost 21.98% of its value, now changing hands at $0.00006608.
Top Trending Crypto Losers Today
Dogwifhat (WIF) crashed 26% to reach $1.15
Render (RENDER) plummeted by 25.34% to $3.69
Ondo Finance (ONDO) declined by 23.52% to $0.5687
zkSync (ZK) dropped by 22% to $0.0874
Notably, the only crypto gainer observed today is Gifto (GFT) which has surged by 14.39% to $0.03353. It will be interesting to see how the coming days unfold given that the general market sentiment has crashed to 26 points, signifying ‘fear’ according to the crypto fear and greed index.
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