Will Altcoins Resume Dips or Attempt a Recovery?

• The altcoin market cap dropped to $874.60B over the last week.
• Current market sentiment is neutral as the fear and greed index stays at 43.

The largest cryptocurrencies by market cap, Bitcoin (BTC) and Ethereum (ETH), continue to experience bearish fluctuations within the $58K and $60K level and ETH within the $2.6K level, respectively. Altcoins are witnessing a continuous decline, facing selling pressure and a lack of buying interest. 

Earlier, the altcoin market experienced a promising uptrend, but is now facing down towards bearish sentiments. Despite hitting impressive highs earlier, several assets are now facing significant retracements, evoking fears among investors and traders.

The total crypto market cap is found at $2.035 trillion, where the altcoin market has a worth of $874.607 billion. Over the last 24 hours, the crypto market volume has increased by 31.59%, reaching $48.19 billion.

However, the recent downturn in the altcoin sentiment has rippled certain tokens; let’s check the price performances of notable coins and tokens. 

Ethereum (ETH) 

Ethereum (ETH), the second largest cryptocurrency by market cap and the altcoin leader, marked a decline of 23.14% over the last month. The start of August was bullish, with the asset trading in the range of $3.2K. Later, it dived to a low of $2.2K. The asset was slightly up by 2.73% in the past seven days.

ETH is currently trading at $2,628, up by 0.88% over the past 24 hours. Meanwhile, the daily trading volume has increased by 42%, to $9.96 billion.  

Dogwifhat (WIF)

The popular dog-themed memecoin, WIF, is currently having bearish momentum. Continuing the downtrend, WIF recorded a significant price drop of 17.52% in the past week.

Over the last 30 days, the asset was down by 44.45%. The current price stands at $1.37, noting a decline of 3.06%. 

Toncoin (TON)

TON, the eighth ranked altcoin by market cap, declined by 5.66% in the past month. The asset has climbed up by 13.48% from $6.08 to a high of $7.24, over the last seven days.

Currently, TON is trading at $6.80, up by 5.73%. 

Solana (SOL)

Solana, the fifth largest crypto by market cap, shows a remarkable dip of 11.67%, over the last month. SOL dropped from a high of $193 to $112. 

In the past week, it was down by 0.82%, the lowest price traded was $137. Currently, SOL trades at $143, showing a 0.70% spike. 

The volatile altcoins, including DOGE and XRP witnessed price fluctuations. Dogecoin (DOGE) has been through a bearish rally for the last 30 days. The asset is currently trading at $0.1002, noting a decline of 2.09%. Whereas XRP was up by 0.25%, as per CMC data. Over the past week, XRP was slightly bullish, up by 0.73%. The highest price traded was $0.5821, and the lowest it hit was $0.5531. 

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