Market Gains Composure After Massive Dip

The crypto industry started the week on a low note, with the market lost billions of dollars on Monday. Tuesday seemed to bring some relief as the market showed signs of stability.

Major coins, like Bitcoin, Solana, and Cardano, have shown life in the past 24 hours. At the same time, Ethereum, BNB, and Dogecoin are resilient against the bearish sentiment. 

With the Fear & Greed Index hitting 49, traders are showing caution before investing in assets. On that note, let’s look at the daily crypto updates with the latest information.

Bitcoin

The market leader has finally put a stop to its massive dip, finding footing near the 56,500-dollar mark. In the past 24 hours, the coin has gained 2% in value, trading at 56,800 dollars.

It’s worth noting that BTC has lost 14.27% value in the past week alone. Massive whale activity is the primary reason behind the pullback. Whales have purchased more than 30,000 BTCs in the past 2 days, helping the coin find some stability.

Ethereum

Ethereum has also found some market stability, losing 0.74% value in the market. The coin is trading around the 2,500-dollar mark, having lost a whopping 24.51% value in the past week.

In the meantime, Justin Sun has bought 14,800 ETH coins amid the market volatility. Analysts believe that Ethereum will lag behind Bitcoin while recovering. This is largely due to the fact that BTC ETFs have been on the market for a longer period of time.

Regardless, experts anticipate a resurgence of Ethereum ETFs before 2024 concludes.

Solana

SOL has also made a swift comeback, gaining over 7% in the past 24 hours. The coin is trading near the 153-dollar mark, maintaining a firm hold.

In the past week alone, Solana has lost 16.21% value without any update from the network. Besides the sudden market crash, Solana also lost users after investors poured 2 million dollars into a crypto casino presale.

Before the year concludes, the coin is anticipated to strike the 190-dollar mark once more, as August has just commenced.

dogwifhat

WIF, or dogwifhat, is currently one of the best-performing meme coins on the market. The token has gained 19.74% value in the past 24 hours alone.

It is currently trading at 1.70 dollars, with its 7-day performance showing a dip of 26.57%. At the same time, the overall memecoin circle has recovered 90% of the losses. The token, especially meme tokens, is expected to remain afloat for a while.

cat in a dogs world

MEW, or cat in a dogs world, is another meme token performing well in the drastic market. The token has gained 16% of its market value, trading at 0.005876 dollars.

In the 7-day growth chart, the coin has lost 12.08% value. On the top 24-hour chart, MEW has overtaken most of the memecoin puppies, including Shiba Inu and Dogecoin. The token, particularly meme tokens, is anticipated to continue to endure for an extended period.