Bitcoin drops to $96K while altcoins mirror market decline; BGB token defies the trend

The cryptocurrency market experienced another volatile day, with Bitcoin (BTC) retreating to $96,000 and major altcoins like Ethereum (ETH), Solana (SOL), and XRP following suit with notable declines.

However, amidst the market-wide slump, Bitget’s BGB token stood out, surging 22% and capturing investor attention.

The global crypto market cap dropped by 2.5% over the past 24 hours, settling at $3.34 trillion.

Trading volumes, however, climbed 5% to $123.46 billion, indicating heightened activity.

Bitcoin (BTC) down 2.5%

Bitcoin’s price fell 2.5% in the last 24 hours, trading at $96,029 with a low of $95,137 and a high of $98,973.

Despite the downturn, BTC maintained its dominance at 57.05%. Analysts suggest the recent dip is tied to broader macroeconomic concerns, including the US Federal Reserve’s hawkish policies.

Adding to the optimism for BTC, American energy management company KULR recently invested $21 million in the cryptocurrency, signaling continued institutional interest.

However, market experts warn of potential corrections, with some predicting a drop to $80,000 soon.

Ethereum (ETH) slips 3%

Ethereum mirrored Bitcoin’s dip, slipping 2% to $3,374.

Its 24-hour range hovered between $3,302 and $3,446.

Futures data revealed a slight increase in open interest to $23.47 billion, while derivatives trading volumes surged 29% to $35.69 billion.

This mixed sentiment highlights Ethereum’s resilience amid broader market turbulence.

SOL and XRP decline too

Solana’s price fell nearly 3%, trading at $190.31 with an intraday range of $186.86 to $195.27.

Futures data showed a 3% drop in open interest, while derivatives volumes climbed 24%.

Despite the dip, Solana remains a strong contender, with long-term price targets of $400-$500 according to analysts.

XRP dropped 3.5% to $2.18, with a day’s low of $2.13 and a high of $2.25.

While the ongoing Ripple legal saga has buoyed community sentiment, short-term volatility continues to impact XRP’s price trajectory.

Analysts speculate a potential surge to $27 in the coming months.

Meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) followed the market trend, declining 3% and 2%, respectively.

Meanwhile, Bitget Token (BGB) defied the bearish sentiment, soaring 22% to $7.67. Other gainers included FTX Token (FTT), up 8%, and GateToken (GT), up 5%.

Among the top losers, MOVE and HBAR dipped 8%, while Fantom (FTM) slid 7%.

Despite the current market downturn, hourly gains of 0.06% and 0.15% for BTC and ETH indicate stabilization.

Market participants are now watching for a recovery as experts maintain that the bull cycle is far from over.

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