Bitcoin (BTC) Price Drop Triggers Market Downturn as Altcoins BRETT, PEPE, WIF, and JUP Fall Over 10%

On July 8, the majority of altcoins were seen in the red, including BRETT, PEPE, WIF and JUP, which fell over 10% as Bitcoin, the world's largest cryptocurrency

Major altcoins opened the week with losses, with some dropping over 10%, as Bitcoin, the world’s largest cryptocurrency by market capitalization, fell 4% in the last 24 hours.

At the time of writing, several meme coins, including BRETT, PEPE, WIF and JUP, experienced significant declines. Notably, PEPE emerged as the biggest loser on Monday morning.

мем coin, inspired by the character from the “Boy’s Club” comic, dropped 8% in the last 24 hours and 30% in the last 7 days. During the last day, the crypto asset’s trading volume stood at $49.1 million, while its market cap fell to $1.12 billion, ranking it 62nd largest cryptocurrency on CoinMarketCap (CMC).

Meanwhile, the Solana-based meme coin WIF was still down 11% over the last 24 hours, trading at $1.66 at press time. Over the last week, the token also dropped by 27%. At the same time, the dog-themed meme coin, which wears a knitted pink hat, experienced a 14% increase in its daily trading volume, hovering around $468 million. Its market cap had fallen to $1.6 billion.

Furthermore, JUP, a Solana-based decentralized exchange (DEX) aggregator, was down 10% in the last 24 hours and 16% over the last seven days. The crypto asset’s daily trading volume remained flat at $109 million, while its market cap fell under $1 billion.

Interestingly, some crypto enthusiasts are speculating on the possibility of an upcoming “altcoin season,” which could see smaller cryptocurrencies outperform Bitcoin in terms of price gains.

However, it is crucial to note that the cryptocurrency market remains volatile, and sharp fluctuations in either direction can occur rapidly. Therefore, investors are advised to exercise caution and conduct thorough research before making any investment decisions.

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