Solana (SOL) Nosedives 8% Weekly, Ripple (XRP) Drifts Below $0.5: Market Watch

2023-09-11 08:59:12

Bitcoin tried its hand at taking down $26,000 hours ago but was stopped in its tracks, as with a few previous attempts.

The altcoins are once again in the red, with XRP, SOL, and TONCOIN dumping the most from the larger-cap ones.

XRP, SOL Nosedive

The alternative coins have seen better days, and the past 24 hours have also worsened their state. Ethereum and Binance Coin lead with another 1% down for both. As a result, ETH is close to breaking below $1,600, and BNB remains just inches above $210.

Ripple and TONCOIN have declined the most on a daily scale, with losses exceeding 3%. Consequently, XRP has further dropped below $0.5, while TON is down to $1.7.

Solana is among the poorest performers on a weekly scale, having lost nearly 10% of value. This comes amid speculations that FTX will start disposing of its SOL tokens soon.

Dogecoin, Cardano, Tron, Polkadot, Polygon, Litecoin, and Shiba Inu are also in the red from the larger-cap alts, albeit in a more modest fashion for some.

Arbitrum’s native token has plummeted by 6% and is down to $0.8.

The total crypto market cap has seen another $10 billion gone in a day and is down to $1.030 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto## BTC Fails at $26K

Bitcoin has also been quite uneventful in terms of price actions lately. This came after last week’s $3,000 dump that brought it down to an 11-week low at $25,350. The following days were quite sluggish, with BTC standing below $26,000.

The only notable price surge came on Friday morning when the asset pumped above that resistance and went all the way north to $26,400. However, it lost all momentum almost immediately and dropped back down to $25,800.

The weekend was boring, with little to no movements amid low trading volumes. The past 24 hours saw a minor increase toward $26,000 but to no avail.

As such, bitcoin stands below that level once again, with its market cap just inches above $500 billion. Its dominance over the alts has expanded to 48.7% amid the declining alternative coins.

BTCUSD. Source: TradingView

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