Daily Crypto Update: Market loses steam, and Bitcoin dips 5%

Tuesday brought a grim outlook for the crypto market as most assets lost immense value. Even the market leaders, Ethereum and Bitcoin, were not exempt from the dip.

While Bitcoin lost 5.75% value, Ethereum went a step further, losing 7.87% value in one day. SOL, DOGE, and XRP were just below the duo, losing 6% to 7% value. Only USDT and USDC, which are stablecoins, survived the sudden dip.

After the movement, the Fear and Greed Index went from 54 to 49, indicating increasing fear among traders. On that note, here is an overview of the daily crypto update with the latest developments.

Bitcoin

BTC stunned the market on Tuesday after showing stability throughout the weekend and Monday. The market leader lost 5.75% value, dropping below the 60k-dollar mark.

It is now trading at 59,432 dollars, with a weekly performance of 0.01%. In terms of external developments, Rhodium Enterprises, a Texas mining giant, recently declared bankruptcy. Due to the increasing mining costs, several other companies have decided to exit the mining industry.

Ethereum

August has only spelled disasters for Ethereum, as the crypto has dropped from the 3.5k-dollar mark to under the 2.5k-dollar mark.

It lost more than 8% value in just 24 hours on Tuesday. The second-largest crypto is trading at 2,479 dollars with a weekly loss of 4.41%. The ETF’s growing outflows are a major reason behind its struggle. However, experts predict a turnaround before the year concludes.

Solana

Among the top 10 cryptos in the world, SOL lost the most value on Tuesday, after Ethereum. The 5th-ranked crypto dropped over 7% in value, hitting the 148-dollar mark. 

Its 7-day performance showcases a hike of 3.75%. Despite SOL-based meme coins flooding the market, the coin is showing constant fluctuations. With no major market development, Solana is merely swaying because of sheer external forces.

Super Trump Coin

The sudden market dip hit the meme coin domain just as hard. Even emerging tokens, such as STRUMP, failed to gain major value in the past 24 hours.

STRUMP managed to gain 0.81% on Tuesday, a feat the majority of the market failed to achieve. The meme token has gained more than 15% value in the past week alone. However, its monthly growth shows a sizable surge of 35.54%.

Notcoin

NOT, or Notcoin, began as a viral telegram game that allows users to enter the Web3 world using a tap-to-earn mechanism. 

Their community token, $NOT, also surprised everyone with its 1.65% growth on Tuesday. In the past week, NOT has lost 17.66% of its value, putting it at 0.0087 dollars. In terms of its monthly performance, NOT has lost 36.43% of its value. 

As the month ends, the crypto market is undergoing massive changes. Therefore, traders must stay wary of the assets before making huge investments.