Crypto Market Cap Nears $2.45 Trillion as Bitcoin, Solana, Ethereum, and Dogecoin Face Downward Pressure

Digital assets continue to struggle as cryptocurrency market cap falls 1.28%. It is currently around $2.45 trillion, a change from 94.5% a year ago.

In what could be a traditional market knock-on effect, which saw the Japanese yen fall to a 34-year low against the US dollar, major cryptocurrencies such as bitcoin (btc), Solana (SOL) and Dogecoin (DOGE) all saw drop their prices in the last 24 hours.

bitcoin

According to data from CoinMarketCap, bitcoin is currently priced at $63,284, which represents a 2.32% drop from 24 hours ago.

In that period, the number one cryptocurrency recorded a trading volume of $22.89 billion, which was the second highest amount in the last 24 hours.

While the price of bitcoin is still more than 118% higher than at the same time a year ago, it is in the red on several other time frames.

For example, the current price means a 10% drop in 30 days, a 6.7% drop in a fortnight, and a more modest 1.3% loss in the last seven days.

solarium

For its part, Solana, fifth on the list of the largest cryptocurrencies by market capitalization, saw its price fall by more than 4% in 24 hours.

The coin is currently changing hands at $137.21 and has a 24-hour trading volume just above $2.4 billion.

SOL hasn't fared better in different time periods either.

The current price represents a drop of 25.6% from 30 days ago, therefore data from CoinGecko.

It also marks a drop of almost 8% in 14 days, as well as a loss of 2.6% in 7 days.

ethereum

ethereum appears to have bucked the overall negative trend, albeit rather modestly. At the time of writing, it was trading at around $3,137, up 0.23% from the last day.

The slight increase was accompanied by a 24-hour trading volume of $10.26 billion, making eth the third most traded cryptocurrency after Tether and bitcoin.

ethereum's seven-day gains are more significant, with the current price representing a 4% improvement from a week ago.

However, the bearish sentiment that seems to have invaded the cryptocurrency market in the last month has not spared eth either. It has lost more than 12% of its value in that time.

Dogecoin

Dogecoin, the largest meme token, also lost some of its value in the last 24 hours.

The dog-themed coin lost almost 3% of its price in that time. Priced at around $0.1451, Dogecoin's value is also more than 30% lower than its level a month ago.

Its performance is mirrored by other meme coins, including Pepe (PEPE), Dogwifhat (WIF), and Shiba Inu (SHIB), which are currently in the red, with losses ranging between 2.82% and 7.87%.