The cryptocurrency market is facing a downturn as major coins such as Solana, bitcoin, ethereum, and BNB experience notable price drops.
Over the past 24 hours, Solana (SOL) has seen the steepest drop among them. Following an apparent shift in market sentiment following a disappointing jobs report reportSolana price plummeted more than 7% in 24 hours.
The drop outpaced losses for other leading cryptocurrencies such as bitcoin (btc), ethereum (eth) and BNB, which contributed to the overall cryptocurrency market value falling by more than 4%.
The bearish trend also coincides with the S&P 500 falling for a third consecutive week, while the Nasdaq 100 fell 10% from last month's record highs.
Solana falls 7.8%
Solana is currently trading at $151.44 and has seen a sharp drop of 7.8% over the past 24 hours. Its 24-hour trading range was between $148.53 and $167.04, indicating a volatile market.
This drop is part of a broader downward trend, with a 7-day decline of 18.7% and a 14-day loss of 10.3%.
Despite these short-term setbacks, SOL has managed a 30-day gain of 12.7%, demonstrating its resilience to market fluctuations.
Solana's market cap is $70.47 billion, with a 24-hour trading volume of $5.57 billion. Its circulating supply is 465,387,830, with a total supply of 581,500,427 tokens.
BNB drops 5.8%
BNB recorded the second-highest drop among large-cap cryptocurrencies. The coin is currently trading at $540.14, having experienced a 5.8% drop over the past 24 hours. In that time, it traded between $526.70 and $576.88, reflecting the overall volatility of the market.
Over the past week, BNB has fallen by 8.3%, with a 14-day loss of 8.8%. However, on a yearly scale, BNB has shown a gain of 124.8%.
The market cap of BNB is $78.82 billion, with a circulating supply of 145,887,575 BNB.
ethereum drops 5.3%
ethereum, the second-largest cryptocurrency, also fell 5.3% over the past 24 hours and is currently priced at $2,988.15.
The eth market saw a 7-day drop of 8.8% and a steeper 14-day drop of 14.4%. Over the past month, eth has also declined by 5.2%, struggling to maintain momentum.
Despite these challenges, ethereum’s market cap stands at $359.38 billion, with a 24-hour trading volume of $21.99 billion. The circulating supply is 120,255,176 eth, highlighting the asset’s significant presence in the cryptocurrency ecosystem.
bitcoin drops 4.5%
bitcoin also faltered over the past day. At the time of writing, the largest cryptocurrency by market cap was trading at $61,772.38, down 4.5% over the past 24 hours.
It has also suffered a 9.5% drop in 7 days and a 7.2% drop in 14 days, reflecting the bearish sentiment that has enveloped the broader cryptocurrency market. However, on a 30-day scale, the coin saw a modest gain of 6.7%, indicating that long-term holders can still find value in the asset.
With a trading range of $60,704.44 to $65,405.21 over the past day, bitcoin’s market movements continue to influence the broader cryptocurrency market.
Its market capitalization still accounts for more than half of the cryptocurrency market value, underlining its dominance and the significant trading volumes that keep it at the forefront of the digital asset landscape.
