Solana and Ethereum Lead Losses as Bitcoin Struggles. This week has seen a surge in bearish sentiment, particularly affecting major cryptocurrencies. Solana has incurred a significant loss of 20%, while Ethereum’s value has dropped by 15%.
Bitcoin experienced a brief dip below $60,000 on Wednesday, hitting a one-month low, though resilient buyers swiftly intervened, pushing prices back up to around $61,000 by early Thursday. Despite this, it’s been a challenging week for crypto investors, with over $200 billion wiped out from the broader digital asset market.
Additionally, the looming halving event, expected imminently, will halve rewards for Bitcoin mining from 6.25 BTC to 3.125 BTC. This development coincides with broader market woes, as stocks face significant declines, inflation appears set to persist, and the US dollar attracts investment as a safe-haven asset.
In the crypto sphere, major tokens have not been immune to the recent sell-off. Ethereum has seen a decline of approximately 15% over the past five days, while Solana, often touted as Ethereum’s fiercest competitor, has experienced a more substantial 20% drop over the same period. The impending halving event may further heighten volatility across the cryptocurrency market. Solana and Ethereum Lead Losses as Bitcoin Struggles.
