Daily Crypto Update: Market Goes Neutral After A Slight Slump

The crypto industry has entered a minor correction phase, halting the assets in one spot. The majority of the top cryptos have either lost 1% value or gained >1% in 24 hours.

Bitcoin, Ethereum, BNB, Solana, and other cryptos are following the pattern. The only exceptions are Dogecoin and XRP, having lost over 3% value. At the same time, TRON has entered the top 10 ranks, pushing Cardano back to 11.

Fantom and Sui defied the odds and gained 8% and 7% value, respectively. Here is a quick overview of the market to help traders understand how it works.

Bitcoin

In the past 24 hours, Bitcoin has seen a 0.90% drop. The market leader has now lost its 64k-dollar mark, trading at 63,941 dollars.

Its 7-day performance chart is still green, showing a growth of 0.73%. The dip is surprising since Metaplanet from Japan recently bought BTC worth 1 billion Yen. At the same time, BTC ETFs recorded their eighth consecutive day of inflows with 61.3 million dollars.

Given current market conditions, the crypto is expected to break free of the bearish pattern soon.

Ethereum

ETH managed to pull apart from BTC’s pattern and registered a 0.33% surge. Its weekly growth is also catching up with Bitcoin, with a 0.21% uptick.

Ethereum is trading at 2,648 dollars and is in between the support and resistance zones. The crypto is scoring modest outflows in ETFs, causing issues for the coin. At the same time, the gas fees for Ethereum have surged 498% in the past 2 weeks.

The developments are extremely expensive, lowering ETH’s value.

XRP

XRP was the sole positive-performing coin in the top 10 ranks a day ago. However, in just 24 hours, the coin has dropped by 3% in value. 

It is trading at 0.6254 dollars, with a weekly growth of 6.65%. Ripple recently unlocked 1 billion coins, which caused a stir in the market.

Given that the SEC only has a few days to appeal against the Ripple ruling, the market is merely preparing for potential adverse actions. As a result, XRP will struggle in the coming days before resuming its upward trend. 

Fantom

FTM, or Fantom, grew by 8.43% in the past 24 hours. The coin has surpassed XRP in market value, trading at 0.72 dollars. 

Its weekly growth shows an 18.44% uptick, while it has surged by 80% in the past month. FTM has breached the top 30 ranks when it comes to trading volume, currently ranking at 28.

Sui

SUI was another market standout, with a 7.25% surge in 24 hours. The coin is trading at 1.87 dollars, with a weekly growth of 21.41%.

Sui outperforms Fantom in terms of monthly growth, accumulating a whopping surge of 134%. Sui ranks 20th in terms of market cap and 13th in terms of 24-hour trading volume.

Despite recently unlocking 108 million dollars worth of tokens, the altcoin is holding up well, unlike XRP. However, traders should remain vigilant as the coin may encounter significant challenges in the near future.