Crypto Market Update: Bitcoin Falls Below $96K as Altcoins Struggle
Today, February 7, 2025, Bitcoin has fallen below $96,000, while Solana’s price has dropped over 7% amid market fluctuations. The total crypto market cap is approximately $3.019 trillion with varied performances in altcoins. Key gainers include CAKE and GLM, highlighting a mix of movement in the broader market.
On February 7, 2025, Bitcoin’s price dipped below $96,000, hitting a low of $95,900 during early trading in Asia. This decline comes as the wider cryptocurrency market grapples with conflicting bullish and bearish signals, resulting in an unpredictable market sentiment. While most altcoins are moving in unison, some are experiencing further declines parallel to Bitcoin’s recent downturn.
Solana (SOL) has seen a significant price reduction, dropping over 7% in the last 24 hours, currently priced at $181.88. This decrease is attributed to a forthcoming substantial token unlock. Additionally, tokens within the Solana ecosystem, such as Jupiter’s JUP and Raydium’s RAY, have mirrored this downward trend following SOL’s performance.
Conversely, some cryptocurrencies have performed strongly, with CAKE (Pancakeswap) recording nearly an 8% increase. The recently rebranded token from Fantom to Sonic (S) has also surged over 7%, reflecting a 35% increase over the past week. These gains highlight the ongoing volatility and mixed performance seen within the market.
According to data from Coinmarketcap, the global cryptocurrency market cap stands at $3.019 trillion, alongside a 24-hour trading volume of approximately $66.59 billion. This data underscores the considerable activity occurring within the crypto sector, even amidst fluctuating prices.
Currently trending cryptocurrencies include ULTIMA (Ultima), SOL (Solana), GLM (Golem), ID (Space ID), and CAKE (Pancakeswap). Among the top daily gainers, GLM (Golem) leads with an increase of 28%, followed by IP (Story) at 15%, ID (Space ID) at 10%, EIGEN (EigenLayer) at 9%, and ZEC (Zcash) at 8%.
In conclusion, the cryptocurrency market is exhibiting notable volatility, with Bitcoin falling below $96,000 and Solana experiencing a drop due to an upcoming token unlock. While many altcoins follow suit, some tokens like CAKE are gaining traction. The global market cap is substantial, reflecting significant trading activity despite the prevailing uncertainty.
Original Source: www.cryptotimes.io
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