Why is crypto down today : SOL, XRP and memecoins plummet amidst Bitcoin dominance rise
The crypto market is experiencing a downturn as major tokens like Bitcoin, XRP and Solana plummet, with the SOL ecosystem and PayFi sector both dropping over 4%. Why is crypto down today?
According to data from CoinGecko, the overall market cap for crypto has fallen by 2.6% in the past 24 hours. It currently stands at $3.39 trillion. The drop is reflected by many of the major tokens experiencing a decline in the past day of trading. Traders are now left wondering why is crypto down today.
So far, Bitcoin Bitcoin
BTC -0.04%
Bitcoin has remained mostly steady compared to other tokens. At press time, BTC dipped by 0.4%. It is currently trading hands at $107,355. Similarly, Ethereum Ethereum
0.29%
Ethereum has dropped by 1.5% in the past 24 hours to a value of $2,447.
However, the biggest drops can be seen in Solana Solana 4.37%
XRP 0.08%
XRP. In the past 24 hours, XRP fell by 4.2%. It has experienced the worst fall compared to the other tokens ranked among the top ten cryptocurrencies by market cap. Solana comes in second place after XRP, having fallen by more than 2.5% in the past trading day $SOL $XRP $ETH #BinanceAlphaAlert
