Over the past 24 hours, Bitcoin (BTC) has fallen by 6.4 percent and dropped below $28,000. At the time of writing, it has dropped to $27,457. Other altcoins such as Ethereum and Shiba Inu (SHIB) are also experiencing serious declines. Meanwhile, a metaverse coin, 5 meme coins gained in value. Here are the ones that rose the most and lost value in the market in general…
1 metaverse coin, 5 meme coins rose
The rise of Bitcoin and other cryptocurrencies caused a general bearish sentiment in the market. BTC has dropped to levels it hasn’t seen in a long time. Ethereum has also fallen to levels below $1,500, which it has not visited for a year. Meme coins like SHIB, DOGE lost about 15 percent. Meanwhile, a metaverse coin, Battle World (BWO), has become the star of the metaverse space, with a 22.3 percent increase. Battle World is a Gamefi battle royale Metaverse project built on the Polygon (MATIC) network.
Outside of the metaverse area, LiteDoge (LDOGE) gained the most when looking at meme coins. LDOGE rose 45.8 percent. CumRocket (CUMMIES) followed, gaining 29.5 percent. The CoShi Inu (COSHI) was up 21.9 percent. Jejudoge (JEJUDOGE) was up 18.2 percent. Finally, Hachiko (HACHIKO) gained 17.4 percent momentum. Looking at their social media accounts, it is not yet known what is behind the rise of these coins, which have not shared any posts recently.
The market is melting: BTC, ETH, SHIB, DOGE fell
The total value of the cryptocurrency market lost 8.1 percent and fell to $1.15 trillion. Negative price developments in the cryptocurrency space have only intensified in the last 24 hours, with new weekly, monthly and even yearly lows recorded from many altcoins. With double-digit dips seen on many charts, it’s no surprise that daily liquidations are over $500 million. We can say that the crypto market has seen better days. On a more micro scale, BTC traded above $32,000 last week, but any attempt to decisively surpass this level has been stalled in its path.
Subsequent rejections brought the asset down to around $30,000 before the situation worsened and the free fall began on Friday. As of now, Bitcoin is struggling to stay above $27,000 after another $1,000 drop. However, while BTC is in bad shape, altcoins are in a much worse situation. Except for the ones we mentioned above, double-digit losses are evident in almost all cryptocurrencies.
Ethereum lost 12 percent on a daily basis, while BNB fell 11 percent and Cardano (ADA) 14.6 percent. XRP fell 10.3 percent and Solana (SOL) fell 12.3 percent. Meme coins like DOGE and SHIB lost an average of 15 percent. Polkadot (DOT) fell 13.1 percent and TRON (TRX) fell 6.3 percent. Avalanche (AVAX) suffered the biggest loss among the top 20 by market cap, with 18.1 percent.
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