Bitcoin Dips to $62.5K: Daily Crypto Update on Market Movements

The crypto market lost considerable value on Monday after a positive weekend. Bitcoin, Ethereum, and other top cryptos were subject to sharp losses.

Besides TRON, no top crypto managed to stay in the green zone. According to Cointree, the Fear and Greed Index is at 49, signifying a neutral stance. However, traders are gradually dropping out of the market amidst the uncertainty.

NEIRO and SUI tokens leveraged the market uncertainty and surged in value in 24 hours. Here is a quick overview of the crypto market with the latest developments to help traders assess the industry dynamics.

Bitcoin

BTC lost 1.56% value in 24 hours after gaining a similar amount on Sunday. The market leader trades at 62,578 dollars after testing 65,000 dollars a day earlier.

Its 7-day performance chart also indicates a decline of 1.76%. The US Supreme Court recently ruled against a case regarding the 4.4 billion-dollar Silk Road Bitcoin, pushing BTC closer to the support level of 61,982 dollars.

To regain notable ground, the coin must cross the resistance level at 64,049 dollars.

Ethereum

Ethereum has experienced a notable decline, losing 2.55% in the past 24 hours, with its price dropping from $2,500 to $2,421. Over the past week, ETH has lost more than 8%, significantly impacting its market standing. The ETH coin is at a critical juncture as large investors (whales) continue to liquidate their ETH holdings.

Ethereum has established support at $2,399 and faces resistance at $2,483. This downturn is largely attributed to rising geopolitical tensions between Iran and Israel, prompting investors to withdraw from volatile assets amid fears of potential military conflicts, economic sanctions, and disruptions to global supply chains.

TRON

TRX or TRON opposed the market conditions and gained 1.20% in 24 hours. After losing 0.41% of its value over the past seven days, TRX currently stands at 0.1559 dollars.

According to a CryptoQuant analyst, TRON is now the fastest blockchain in the market regarding stablecoin transactions. The coin has surged 47% in 24-hour trading volume, ranking 26th.

Its market volume puts TRON among the top 10 cryptocurrencies in the market. 

NEIRO

On Monday, First Neiro on Ethereum made a surprising comeback and surged 14% in just 24 hours. The meme coin is currently trading at 0.0001649 dollars.

Its weekly growth is 42.88%, while its monthly surge is 2526%. Neiro has surpassed the top 10 in 24-hour volume trade and currently stands at 95 in terms of market cap. The meme coin is expected to surge quickly, especially with the top cryptos struggling.

MOO DENG

MOO DENG, or moodeng.vip, is a new meme token that entered the market recently. On Monday, the coin gained 110.64% to reach a value of 0.0002027 dollars.

Its 7-day performance chart shows a surge of 2193% while its monthly growth is at 4,249%. MOO DENG is among the latest meme coins in the market, putting it in a highly profitable position. Hence, traders looking for a high-risk, high-reward asset can consider investing in the meme coin.