Highlights:
- Solana was among the most hit cryptocurrencies as the crypto market declined, shedding over $500 billion in 7 days.
- Bitcoin has slumped below $54,000 as it nears $50,000, with market participants projecting prices below $50,000.
- Despite the declines, Solana outperformed over 90% of top-ranking cryptocurrencies, including BTC and ETH.
The once buoyant crypto market has suddenly slumped, culminating in losses for almost every crypto asset. Despite finishing July as a top performer, Solana (SOL) has suffered the most hits in the present market declines. Currently, the blood bath does not seem to correct anytime soon, with market participants projecting that Bitcoin (BTC) could drop below $50,000.
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I watched Solana go to $8.
My pain is far greater than yours. pic.twitter.com/NHO2AluMzn
— Value & Time (@valueandtime) August 5, 2024
Bitcoin Nears $50,000 Amid Market Declines
If Bitcoin drops, as speculated above, it implies more woes for the global crypto market. It will heighten traders’ panic sell-offs, resulting in a fatal market outlook. Eventually, the crypto market will need sufficient time to recover from the crash. Additionally, traders must perceive substantial proof that the market is back before delving into crypto investments again.
For context, Bitcoin (BTC) has plunged by about 13.3% in the past 24 hours. It is changing hands at about $52,400. Interestingly, BTC is below the $54,000 status – the token’s lowest level during the German government BTC sell-off peak in July.
Over $500 Billion Global Market Declines in 7 Days
At the time of writing, the global crypto market is down by 13.79% in the past 24 hours, with a $1.935 trillion valuation. Interestingly, the entire crypto market cap increment in its year-to-date statistics dropped to about 60.35%, underscoring a debilitating market state.
According to data from CoinGecko, the entire crypto market had a $2.52 trillion valuation on July 29. Therefore, its current valuation implies significant shed-offs of approximately $585 billion in just seven days. With the rate the market seems to plunge, a $1 trillion global market cap could be on the horizon.
Solana is Massively Shedding Profits
Among the top 10 performing cryptocurrencies, Solana was the most hit in a 7-day interval price change. Shockingly, SOL’s massive declines took the market by storm, considering it neared $200 in the past few days. Aside from nearing $200, Solana was the fourth most valuable cryptocurrency at some point when it overtook Binance coin (BNB).
Sadly, following the global market declines, Solana has plunged by about 18.7% in 24 hours and is trading around the $116.46 price region. Like every other cryptocurrency, SOL has shed off profits, evidenced by price plunges in its specific period intervals. For context, in its 7-day-to-date, 14-day-to-date, and 30-day-to-date price changes, SOL saw price declines of about 39.6%, 34.9%, and 13.2%, respectively.
Other relevant statistics revealed that Solana’s market cap has dropped to about $54.96 billion. Despite the market declines, SOL trading volume is up 184.27%, with a $9.5 billion valuation.
Solana’s Decline Relative to Other Cryptocurrencies
In the short term, Solana might seem the worst-hit cryptocurrency. However, Coincodex risk assessment evaluation has revealed that SOL remains a top performer amid market declines. Despite the market slumps, Solana outperformed 92% of the top-performing cryptocurrencies, including Bitcoin and Ethereum (ETH).
With the scary market decline, SOL maintained an over 400% upswing from the previous year. Additionally, it has high liquidity based on its market cap and has positive performance relative to its selling price.
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