Bitcoin (BTC), Ethereum (ETH), and BNB Bearish Despite Recent Market Rallies

Despite the recent market rallies, the crypto market has trailed negatively today as Bitcoin and altcoins record daily shortages of about 1%.

The crypto market has recorded daily shortages of about 1% today, despite the recent market rallies.

Following today’s bearish trends, the total market capitalization for all cryptocurrencies has fallen to $2.41 trillion, a decrease of 1.45% over the last day. However, the overall market volume surged significantly to $68.63 billion, a 26.35% increase within 24 hours.

This surge in the market’s overall trading volume suggests that trading activities are picking up, posing the market for a potential bullish momentum.

Bitcoin, Ethereum, and BNB Bearish

Bitcoin (BTC), Ethereum (ETH), and BNB have traded bearish yet stable over the past 24 hours. However, SOL and XRP have traded in the green zone, recording decent gains, not up to 2% over the last day.

As of press time, the world’s largest cryptocurrency by market capitalization decreased by 1.50% over the last day. The coin is trading at $67,704, an 8.18% decline from the $73,750 all-time high it achieved three months ago.

Nonetheless, Bitcoin retained its dominance over the crypto market, leading with 55.5% of the total market capitalization, while Ethereum comes second with 16.3%.

SOL and XRP Pumps

Alongside Bitcoin, Ethereum and XRP had decreased by less than 1% over the last day, trading at $3266 and $580, respectively. However, SOL and XRP recorded daily gains of $1.14% and 0.57%.

With these slight price differences, Solana and XRP increased to $184 and $0.6025, respectively. Solana’s ability to defy the negative market trend comes as no surprise, as the coin had shown signs of significant growth, outperforming the layer one landscape with notable increases over the week.

However, both XRP and SOL decreased by 0.07% and 0.43%, respectively, over the last seven days.

The coin’s performance had been closely monitored by investors and traders throughout the year, following the coin’s massive gains in 2021, which saw the coin increase by over 11,000%.

Moreover, the coin’s gains were largely driven by the launch of decentralized applications (dApps), non-fungible tokens (NFTs), and the coin’s integration into the metaverse.

Despite today’s market decline, both Bitcoin and Ethereum have shown signs of resilience, with a slight increase in the bullish sentiment votes for Ethereum.

According to social metrics from LunarCrush, 78% of sentiment votes on Bitcoin are bullish, and 86% of sentiment votes on Ethereum are bullish, indicating strong confidence among investors despite today’s negative market performance.

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