- Bitcoin's price dip is causing significant declines in the altcoin market.
- Ethereum, Solana, and Dogecoin are all experiencing notable price drops.
- Market sentiment remains bearish, with no immediate recovery in sight for these altcoins.
The price of Bitcoin has been dipping lately which has sent the general altcoin market crashing. $ETH, $SOL, and $DOGE are some of the major altcoins seeing significant declines.
These altcoins are struggling, mirroring Bitcoin's downward trend. Let's explore how these major players are reacting to the crypto market slump.
Ethereum (ETH): Struggling to Gain Ground
Source: Trading View
Ethereum (ETH) has tumbled in line with Bitcoin, dropping by 8.43% to $2,287 in the past one week. However, there has been a 2.72% gain in the last 24 hours.
The network’s anticipated upgrades have kept some traders hopeful. However, the broader market sentiment is weighing down Ethereum (ETH).
Ethereum’s fate has historically been tied to Bitcoin’s performance. This may make it difficult to break free from the current downtrend
Solana (SOL): Network Woes Fuel Price Drops
Source: Trading View
While Solana is facing some challenges, its native token, SOL, has dropped by 4.62% to $128.69 in the past one week. Ongoing concerns about Solana’s network reliability have triggered more aggressive short-selling in the market.
Open interest (OI) in Solana (SOL) futures rose by 20%, signaling that traders are betting against the token. If the bearish momentum continues, SOL could even dip below $100, a crucial support level.
Dogecoin (DOGE): Meme Magic Fading
Source: Trading View
Dogecoin (DOGE) is down 7.29% over the past month, currently hovering around $0.10. Despite some whale accumulation, $DOGE hasn't shown signs of recovery.
Investors are bearish, with trading volumes remaining low. Without any major endorsements or news, DOGE seems stuck in a downward spiral.
Ethereum, Solana, and Dogecoin are currently showing signs of weakness. Unless Bitcoin rebounds, it's likely that these altcoins will continue to face downward pressure.
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