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Crypto, Currently: June 18, 2024 - Cryptocurrency Market Faces Significant Downturn

Daily update from the crypto market.

Bitcoin Slips Slightly

Bitcoin (BTC) continues its recent downtrend, with its price decreasing by 0.72% over the last 24 hours to $65,702.10. The leading cryptocurrency has seen a 2.74% drop over the past week. Despite a substantial 24-hour trading volume of $36,106,487,597, Bitcoin's market cap stands at $1,295,243,980,217, reflecting ongoing investor caution amid market volatility.

Ethereum Faces Steeper Decline

Ethereum (ETH) experienced a sharper fall, dropping 2.88% in the past 24 hours to $3,443.72. This decline extends Ethereum's weekly loss to 2.61%. The cryptocurrency’s trading volume reached $20,048,569,931, with a market cap of $421,088,229,207. Despite this dip, Ethereum has shown a 10.49% increase over the past 30 days, indicating longer-term resilience.

Solana Experiences Significant Drop

Solana (SOL) saw a significant price decrease, falling 5.37% in the last 24 hours to $138.25. This marks a 10.30% drop over the past week, contributing to a 20.19% decline over the past 30 days. With a 24-hour trading volume of $3,537,017,628 and a market cap of $63,841,656,743, Solana faces substantial bearish pressure.

Immutable Declines Sharply

Immutable (IMX) experienced one of the largest declines among major cryptocurrencies, dropping 7.66% in the past 24 hours to $1.48. The cryptocurrency has plummeted by 22.84% over the past week and a significant 39.14% over the past month. Immutable’s 24-hour trading volume reached $87,618,685, with a market cap of $2,230,522,909, reflecting severe investor retreat.

Maker Suffers Significant Losses

Maker (MKR) also faced a steep decline, falling 6.49% in the last 24 hours to $2,215.68. Over the past week, Maker has dropped 4.26%, and it has seen a substantial 22.17% decrease over the past 30 days. The trading volume for Maker reached $81,364,396, with a market cap of $2,057,627,657, indicating strong bearish sentiment.

Conclusion

The cryptocurrency market is facing a significant downturn, with major coins experiencing notable declines. Bitcoin and Ethereum, the two largest cryptocurrencies, continue to struggle amid market volatility. Solana, Immutable, and Maker have seen even sharper declines, reflecting broader investor concerns and market instability. As the market remains highly volatile, investors should stay informed and cautious, monitoring economic indicators and market trends closely for potential opportunities and risks.

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