TL;DR
- The crypto market experienced significant drops on Thursday. Bitcoin lost 3.99% and is trading around $88,800.
- Polkadot, Avalanche, Chainlink, and Ethereum saw major declines, while Ripple and Pepe were the cryptocurrencies with the highest gains.
- Shares of crypto-related companies such as Coinbase and Riot Platforms fell, while Ebang, NVIDIA, and AMD posted gains.
The crypto market experienced mostly negative movements during the early trading hours on Thursday in the United States. Bitcoin (BTC) suffered a substantial drop after reaching a new all-time high (ATH) above $93,000. Currently, BTC is down 3.99% compared to the previous day, with its current price around $88,800.
Several major cryptocurrencies also saw considerable declines. Polkadot (DOT) lost 8.2%, sitting at $4.87. Avalanche (AVAX) dropped 6.54%, settling at $32.19. Chainlink (LINK) experienced a similar decline of 6.7%, now at $13.17, and Ethereum (ETH) saw a 5% decrease, dropping to $3,122. On the other hand, Solana (SOL) recorded a slight drop of 0.55%, falling to $212.2.
Red Numbers for the Crypto Market
Despite the negative trend that dominated the market, some cryptocurrencies managed to counter the bearish wave. Ripple (XRP) was the cryptocurrency that grew the most, with a 3.1% increase, reaching $0.7289. Regarding memecoins, Pepe (PEPE) continues to rise, showing a 17% increase in the last 24 hours, reaching a current value of $0.00002213.
Regarding the shares of companies related to the crypto industry, the results were mixed. Shares of Coinbase Global Inc., one of the leading cryptocurrency exchanges, fell 1.72%, settling at $279.83. On the other hand, MicroStrategy Inc. saw a slight 0.11% increase, reaching $328.74. Additionally, Riot Platforms Inc. and MARA Holdings Inc. recorded declines of 3.47% and 3.64%, respectively.
The Winners
However, some tech companies such as Ebang International Holdings Inc., NVIDIA Corp., and Advanced Micro Devices Inc. posted gains in their shares, with positive figures of 3.26%, 1.13%, and 0.87%, respectively. Meanwhile, crypto ETFs also saw losses, with the Bitwise Crypto Industry Innovators ETF dropping 0.58%.
The crypto market has always been characterized by its fluctuations. It remains to be seen if the negative trend consolidates and turns into a correction, and the subsequent medium-term impact on the industry and the price of various assets.