Other major cryptocurrencies have also not fared, with BNB witnessing a sharp decline to trade around $236. XRP‘s price has edged down to nearly fifty-five cents, while Cardano and Dogecoin have seen their values decrease to thirty-three cents and eight cents per token, respectively.
The past week has been particularly tough for Solana, which dropped considerably to about $54. Polkadot and Shiba Inu also faced downturns, with Polkadot approaching five dollars and Shiba Inu dipping below one ten-thousandth of a dollar. Polygon’s value fell to seventy-seven cents.
Despite the broader market’s struggles, some cryptocurrencies have emerged as top gainers. FTX Token has traded above three dollars, dYdX has surpassed the three-dollar mark, and OKB has appreciated nearly fifty-eight dollars. Tether Gold showed strength in the commodities sector, increasing to two thousand dollars per unit.
On the other hand, Gala’s price declined to around two cents per token. Chainlink traded below fourteen dollars, and Avalanche faced losses, pricing itself under twenty dollars within the decentralized finance (DeFi) sector.
Stablecoins have remained relatively stable compared to their volatile counterparts, maintaining their pegged equivalencies amidst market fluctuations.
Analysts had previously forecasted potential swings for Bitcoin between $41,500 and $33,500. On Tuesday, the total crypto market cap had grown by 0.42 percent, reaching $1.42 trillion. Notably, AI-centric tokens experienced volatility earlier in the week, with World Coin surging to a four-month high at $2.71 and RNDR reaching a 21-month peak.
Rajagopal Menon of WazirX attributed the broader market lift to ETF-related developments and an increase in BNB token price following Binance’s accord with the US Department of Justice (DOJ). This agreement also positively impacted altcoins like XRP, which is currently on an upward trajectory amid general cautions about cryptocurrency market risks.
As the market continues to navigate through various economic factors and industry developments, investors remain cautious but attentive to opportunities within the evolving landscape of digital currencies.
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