Coin World reported:
On July 8th, most altcoins experienced a decline, including BRETT, PEPE, WIF, and JUP, as the world’s largest cryptocurrency, Bitcoin, fell 4% in the past day, causing these altcoins to decline by over 10%.
At the time of writing this article, meme coin BRETT, inspired by characters from the “Boys’ Club” comic, continued to decline by 8% in the past 24 hours and by 30% in the past 7 days. In the past day, the trading volume of the crypto asset hovered around $49.1 million. Additionally, according to CoinMarketCap (CMC) data, the market value of meme coins has also dropped to $1.12 billion, ranking 62nd among cryptocurrencies.
On Monday morning, meme coin PEPE, based on Ethereum, became the currency with the largest decline, falling 12% in the past day. In the past week, this meme coin also experienced a significant decline of 30%. As of the time of publication, the daily trading volume of this meme coin, inspired by the famous green frog meme, was $768 million, and its market value dropped to $3.47 billion, currently ranking 24th among the top 100 cryptocurrencies.
Meanwhile, meme coin WIF, based on Solana, also experienced an 11% decline in the past day, with a trading price of $1.66 at the time of publication. In the past week, this token also fell by 27%. At the same time, the daily trading volume of the dog-themed meme coin, wearing a knitted pink hat, increased by 14%, hovering around $468 million. Its market value dropped to $1.6 billion.
Jupiter (JUP), a decentralized exchange (DEX) aggregator based on Solana, fell 10% in the past 24 hours and 16% in the past week. The daily trading volume of the crypto asset remained at $109 million, and its market value dropped below $1 billion.
The significant decline of these altcoins was triggered by the decline in the value of Bitcoin, which fell 4% in the past day, dropping to $55,676 on Monday morning. Its 24-hour low and high points were $54,424 and $57,863, respectively. This cryptocurrency has fallen 12% in the past 7 days.
As Bitcoin prices fell, Germany transferred 700 BTC, worth about $40.47 million, to cryptocurrency exchanges. This move is part of an ongoing trend as Germany has been selling its Bitcoin holdings since June.
According to blockchain data analysis platform Lookonchain, Germany recently transferred 700 BTC to exchanges, causing different reactions on crypto Twitter, predicting that Bitcoin may fall to around $40,000.
More significantly, MT.Gox transferred 47,229 BTC worth $2.7 billion to an unknown wallet, further affecting the decline in Bitcoin prices.
As of July 5th, Germany held 41,226 BTC, worth $2.28 billion; the United States held 213,297 BTC, worth $11.72 billion. In addition, Mt. Gox controlled 141,687 BTC, worth $7.78 billion.
Mt. Gox was once a leading cryptocurrency exchange, and after its collapse in 2014, the company is about to start repaying its creditors. This has raised concerns that a large influx of Bitcoin into the market could further depress prices as creditors may choose to sell the recovered funds immediately.
Due to the significant influence and market dominance of Bitcoin, the overall decline in the altcoin market is closely related to Bitcoin’s performance. When the price of Bitcoin drops significantly, it usually triggers a chain reaction in the entire cryptocurrency market, leading to a general decline in the value of altcoins as investor confidence weakens and market sentiment turns bearish.
Although altcoins and the broader cryptocurrency market are currently in a downturn, there are still some altcoins worth considering, such as:
Chainlink
It is part of the bull market narrative centered around infrastructure. The value of Chainlink grows with the growth of smart contracts, real-world assets (RWA), and the AI field. If these areas experience exponential growth, the value of Chainlink is expected to increase.
Cosmos
In the past 12 months, ATOM holders have faced difficulties, with the token value falling by about 12-15%. The past 90 days have been particularly challenging, with a decline of about 45%. Despite these setbacks, Cosmos continues to grow. Currently, there are 89 regions on the map, and this number is increasing every quarter.
Polkadot
Like Cosmos, Polkadot has experienced a challenging three months, with its value nearly halved. However, in the past 12 months, Polkadot has risen by about 30-35%.
