Week Starts with a Slump for Top Cryptos

The week has once again started on a negative note for the crypto market. Over the weekend, the top cryptos gradually lost the value they accumulated over the week.

Top guns like Bitcoin, Ethereum, and Solana lost considerable value on Sunday. Meme tokens like Dogecoin and Shiba Inu are in the same boat despite gaining value on the 7-day performance chart.

On that note, let’s look at the best and worst-performing assets for the day. Here is the daily crypto update with the most recent market developments.

Bitcoin

In the past 7 days, Bitcoin has gained 10.45% value. However, the market leader has started the week on a grim note.

BTC has lost around 4% in market value, trading around the 58,500-dollar mark. It has gained stability in the past hour; however, it is prone to fluctuations throughout the day.

With the ETF market dropping two weeks in a row, the crypto market is also sharing its implications. The performance chart of both ETH and BTC conveys the sentiment perfectly.

Ethereum

Similar to Bitcoin, Ethereum has also lost around 4% value in the past 24 hours. However, its 7-day performance chart shows a growth of 11.76%.

The coin has fallen from its original 3,500-dollar mark to 2,500 dollars. Its 1-hour performance is stable, but traders are concerned about the status of the ETF market. At the same time, the gas fees for Ethereum have hit its 5-year low.

In light of the recent increase in ETF outflows, users are wondering whether the market dynamics are subject to change. 

Solana

After gaining 14.79% value in a week,  SOL has lost over 7% value in the past 24 hours. The coin has fallen to the 143-dollar mark now with constant market fluctuations.

Solana bears have been activated in light of the current dynamics. The bears are constantly trying to pull Solana down below 137 dollars. Even with SOL-based meme coins flooding the market, the coin is struggling to maintain its stability.

Sui

SUI is among the few tokens that have gained value over the weekend. In the past day, the coin has surged 3.45%, reaching 0.91 dollars.

Based on its ongoing performance, experts expect the coin to cross the $1 mark in the coming weeks. The altcoin possesses immense potential, making it a desirable investment amid economic uncertainty.

Neiro Ethereum

Following a remarkable week, NEIRO experienced a decline over the weekend. The rookie coin lost 16.74% value on Sunday after gaining 75.22% value in the past week.

It is currently trading at 0.20 dollars, with its monthly performance showing a 1368.43% surge. The Ethereum-based coin is also showing signs of volatility in an uncertain market setting.

Given the current market dynamics, bull traders are taking a back seat while bears are striving. The majority of the top coins, barring the stablecoins, are struggling to stabilize. However, the consensus is expected to be overturned before the year ends.