The cryptocurrency market on October 2nd is facing a wave of uncertainty, with Bitcoin (BTC) retreating to $61K. The altcoin market is mirroring Bitcoin’s volatility, with Ethereum (ETH), Solana (SOL), and XRP fluctuating sharply. However, some tokens like EigenLayer (EIGEN) and FTX Token (FTT) defied the trend, posting impressive gains amid the market turbulence.
Key Market Highlights
- Bitcoin (BTC) drops to $61K amid heavy outflows from BTC ETFs.
- Altcoins follow suit, with major cryptos like ETH, SOL, and XRP experiencing notable volatility.
- EigenLayer (EIGEN) and FTX Token (FTT) are among the top performers today, bucking the bearish trend.
Bitcoin Price Update
Bitcoin, the market’s flagship cryptocurrency, saw its price dip to $61,867, marking a 3% decline in the past 24 hours. BTC’s price hit an intraday low of $60,189.28, with a high of $64,110.98. This drop is largely attributed to massive outflows from Bitcoin ETFs, totaling a staggering $242.53 million as of October 1st. Despite this bearish action, Bitcoin’s market dominance has risen slightly to 56.31%, with its market cap holding steady at $1.22 trillion.
Ethereum Faces the Heat
Ethereum (ETH), the second-largest cryptocurrency by market cap, also faced a downward trajectory, dropping over 5% to $2,491. Ethereum’s price fluctuated between an intraday low of $2,415.08 and a high of $2,657.62. Spot Ethereum ETFs witnessed outflows of $48.52 million, further exacerbating ETH’s price slump. The total market cap for Ethereum currently stands at $299.88 billion.
Solana and XRP Join the Decline
Solana (SOL) and XRP were not immune to today’s market volatility. SOL dropped by 5%, with its price settling at $147. The coin’s intraday low reached $142.84, while its high touched $157.26. Solana’s market cap currently sits at $68.94 billion.
XRP also followed the broader market trend, declining by over 3% to $0.6019. The coin’s intraday low and high were recorded at $0.5843 and $0.6336, respectively. XRP’s market cap rests at $34.01 billion.
Meme Coins Tumble
Even meme coins, known for their high volatility, saw significant drops today. Dogecoin (DOGE) plummeted by 8%, with its price reaching $0.1079. Shiba Inu (SHIB) also saw a similar decline, falling over 8% to $0.00001678. Other popular meme coins like PEPE, WIF, and BONK saw dips ranging from 2% to 9%.
Notable Gainers: EigenLayer and FTX Token
Despite the overall market downturn, some tokens like EigenLayer (EIGEN) and FTX Token (FTT) stood out as top gainers. EIGEN surged over 10%, trading at $4.09, with an intraday low of $3.52 and a high of $4.53. FTX Token (FTT) also performed exceptionally well, climbing nearly 13% to $2.15. Its daily low and high were recorded at $1.82 and $2.43, respectively.
Biggest Losers: Starknet, Injective, and Arweave
On the flip side, some tokens faced steep declines. Starknet (STRK) tanked by nearly 15%, with its price falling to $0.3931. Injective (INJ) also saw a sharp drop, declining by 14% to $20.99. Arweave (AR) followed suit, slipping by 14% to $19.72.
Conclusion
The cryptocurrency market continues to be marked by intense volatility, with both large-cap and smaller tokens experiencing sharp price swings. While Bitcoin and major altcoins faced declines, select tokens like EIGEN and FTT provided a glimmer of hope with their strong gains. As we move forward, traders will be closely watching market developments, particularly Bitcoin ETFs, to gauge the direction of the next big move.
ENG WANJIKU
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