BTC & other top cryptos lose massive value

After a rejuvenating start of the week, the crypto market has entered an abysmal state. According to CoinMarketCap, the Fear & Greed Index for cryptocurrencies is currently at 27.

Given the substantial loss of value experienced by the majority of the market on Tuesday, this immense fear is entirely justified. Even Bitcoin, Ethereum, Solana, and other top cryptos were not exempt from the dip. The Fed’s sudden call for a US Dollar crisis is the major reason behind the downward spiral. 

At the same time, the allegations surrounding Telegram’s CEO are also affecting the market. Here is an overview of the daily crypto update to help traders gauge an idea of the industry.

Bitcoin

BTC entered a correction phase at the end of Tuesday, losing 4.32% value in 24 hours. The crypto has lost 4.89% value in the past 7 days and is well below the 60k-dollar mark.

It is currently trading at a value of 56,649 dollars, testing the 57k-dollar mark. While the crypto showcased resilience against market forces, the uncertainty in the global financial market has affected its value. 

However, Bitcoin is launching new projects across the world to ensure it maintains a rich value proposition. 

Ethereum

Ethereum one-upped Bitcoin to lose 5.79% value in 24 hours. The second-largest crypto has slipped from the 2,500-dollar mark and is trading at 2,373 dollars.

Its 7-day performance also shows a dip of 4.02%. The ETF outflows are the biggest reason for ETH’s dip. On September 3, Ethereum experienced a record 47.4 million dollars in net outflows. Given the grim market conditions, the development caused ETH to dip even further than BTC.

Solana

Solana was in the same boat as Ethereum on September 3rd, losing more than 5% market value. The crypto has dropped 13.61% in value in the past week alone, pushing it below the 130-dollar mark.

SOL is currently trading at 127.48 dollars, a sharp drop from the 195 dollars Solana reached several weeks ago. The Solana network has also seen a considerable decline in transactions and activity, magnifying the effects of the market conditions.

Sui

SUI was among the rare coins that managed to record a surge in the past 24 hours. On September 3, the coin gained 2.12% value, reaching a market value of 0.8023 dollars.

The coin has lost 4.11% value in the past week; however, its monthly performance shows a 30.15% growth. The coin has not made any significant progress in the market recently. Therefore, its growth against the prevalent market dynamics does not entice traders. 

DOGS

DOGS, the emerging meme coin, also fell victim to the dip, losing 11.08% value in 24 hours. The coin has lost over 20% value in the past week, while its monthly performance also shows a 37% dip.

With a diminishing market cap, the token is trading at an average price of 0.0001003 dollars. Given the ongoing market conditions, traders are leaning towards traditional assets instead of meme coins, such as DOGS.