Bitcoin (BTC) Price Drops Below $58,000, ETH and Other Altcoins Follow the Downward Trend

The cryptocurrency market experienced a sharp decline today, making investors nervous. While Bitcoin (BTC) price fell below $58,000 in the last 24 hours

The cryptocurrency market saw a sharp decline on Monday, making investors jittery. While Bitcoin (BTC) price fell below $58,000 in the last 24 hours, leading altcoins Ethereum (ETH), Solana (SOL) and XRP followed this downward move.

The global cryptocurrency market value fell 3.94% to $2.18 trillion on Monday. However, the total cryptocurrency market transaction volume increased by 59.38% in value, reaching $85.75 billion. In this context, let’s look at some of the leading cryptocurrencies and their price movements according to the data on July 4.

Bitcoin Price Is Slipping Away

BTC price started the day trading at $59,064.44, showing a decrease of 3.03% in the last 24 hours. The cryptocurrency’s 24-hour lows and highs were $58,067.63 and $61,079.38, respectively. Bitcoin’s dominance in the last day increased by 0.28% to 53.43%, indicating a weakening trend in the altcoin market. At the same time, BTC’s market cap stood at $1.16 trillion. It is worth noting that, as we reported previously, the German government has again sold large amounts of Bitcoin, leading to speculation in price movements.

ETH price fell by 3.44% in the last day and is currently trading at $3,240.11. The cryptocurrency’s 24-hour lows and highs were $3,182.73 and $3,366.48, respectively. Solana (SOL) price decreased by 8.31% to $136.67. The 24-hour low and high were $134.05 and $149.33 respectively. The XRP price similarly fell by 4.33% and started the day trading at $0.4588. Although Ripple has attempted to strengthen its case by providing additional evidence, XRP has yet to see significant upward momentum.

Biggest Losers and Gainers of the Day

Dogecoin (DOGE) price fell by 5.40% to $0.1153. The price of Shiba Inu (SHIB) followed this decline, falling by 5.82% to $ 0.00001594. However, Pepe Coin also showed signs of correction in the last day and is currently trading at $0.000009744.

The biggest gainer of the day was Worldcoin. WLD price increased by 6.03% to $2.32. Bittensor (TAO) price increased by 1.83% to $234.98. Other losing cryptocurrencies of the day are as follows:

Is It a Buying Opportunity?

On-chain data provider Santiment reported that aggressive selling in Bitcoin and altcoins has reached two-month lows. Along with BTC, Ethereum price also fell below $3,200 despite the launch of spot Ethereum ETFs by July 15. However, Santiment also noted that the crypto community currently sees this as a “buying opportunity.” Still, the firm recommends that investors wait for the initial wave of enthusiasm to subside and then make new purchases.

According to Santiment, the ideal time to buy is when investors become skeptical and impatient. The recent BTC price drop led to aggressive liquidations, with many investors “buying the dip” when BTC was around $60,000. This is also more evident in altcoins that have experienced larger declines, such as Ethereum and Solana.

Spot Bitcoin ETFs continue to show signs of weakness. On Wednesday, July 3, spot Bitcoin ETFs saw daily net outflows of $20.5 million. Grayscale GBTC experienced outflows of $27 million, while Fidelity’s FBTC remained the single-asset ETF with inflows of $6.5 million. All other ETFs saw zero inflows yesterday.

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