- The broader crypto market takes a hit as Bitcoin
’s price continues to drop.
- Ethereum, Solana, and Avalanche face substantial losses despite recent gains.
- Institutional interest wanes, causing a decline in these top 20 cryptocurrencies.
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Discover the latest cryptocurrency market trends as Ethereum, Solana, and Avalanche experience significant losses amid the ongoing Bitcoin sell-off.
Ethereum is down sharply this morning, per data from COINOTAG DATA, falling 7% over the past 24 hours to a current price of about $2,200 and pushing its seven-day dip to 14%.
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Solana is down almost 16% over the past seven days at a current price of $82.50. It has rebounded slightly from earlier this morning, but remains down about 5% on the day.
Meanwhile AVAX, which is the 11th largest cryptocurrency, has plunged 19% on the week to a current price of just under $29. Like Solana, it has shored up some of its losses since this morning, now down about 5% over the past 24 hours.
Recent Highs and Lows
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It was just over a week ago that Ethereum came just shy of hitting $2,700, its highest price since April 2022. Excitement over Ethereum grew amid the launch of spot Bitcoin ETFs as investors considered the next wave of prospective institutional adoption, particularly as BlackRock CEO Larry Fink talked up the prospect of an Ethereum spot ETF.
SOL had been on a big run starting from the end of October. It was expected to take a hit during the trial of disgraced crypto mogul Sam Bankman-Fried, who was heavily invested in the asset via his now collapsed crypto empire, FTX.
But major companies such as Visa and Shopify sung the project’s praises and said they’d use its blockchain. A growing developer base also meant the price of SOL shot up. It rose as high as $123 in December 2023, nearing a two-year high after plunging to a price of about $8 in December 2022.
AVAX also attracted interest when investment banking giant J.P. Morgan said in November it had used the Avalanche blockchain to tokenize portfolios.
Long-term holders have reason to be optimistic, though—despite the recent dips in price, both coins over a one-year period are doing well: SOL is up 239%, while AVAX has jumped by 64%. Even Ethereum is up by 35% over the last year.
The Influence of Bitcoin
The broader crypto market has taken a nosedive as it follows the price action of the biggest digital asset by market cap, Bitcoin.
Since crypto fund Grayscale converted its flagship BTC fund into an exchange-traded fund (ETF) and started trading on the stock market, investors have been keen to redeem shares previously locked into the product.
This has put pressure on the price of the biggest and oldest digital coin in recent days.
In conclusion, the cryptocurrency market is facing significant challenges as Bitcoin’s sell-off affects Ethereum, Solana, and Avalanche. Institutional interest has waned, leading to substantial losses in these top cryptocurrencies. However, long-term prospects remain positive, with historical gains supporting optimism. The market’s dependence on Bitcoin’s price movements continues to impact its overall performance, highlighting the interconnected nature of the crypto space.