Crypto Market Outlook: Bitcoin Steady at $57,000 Price Range as Altcoins Display Mixed Signals
The crypto market remains volatile, with prices moderately fluctuating as the sellers dominate the market. The global crypto market cap dropped to $2.22 trillion, with a 2% decline recorded in the past 24 hours.
Bitcoin has retraced after facing rejection at $58,000, trading at $57,277, with a 1.7% decline. Also, Ethereum and Solana face bearish pressure similar to the general market trend.
However, XRP appears among the top gainers today, trading at $0.46 with a 4.8% price increase over the last 24 hours. Below’s the price action of some of the top coins today.
Crypto Prices to Watch Out for Today
Bitcoin Price Outlook
Bitcoin’s price has dropped below $58,000, with lows of $56,561 and highs of $59,387 today.
Additionally, BTC’s dominance has dropped to 50% due to several bearish factors. One such factor is the German Government’s continuous dumping of BTC holdings.
The market turbulence remains despite the positive inflow streak in the spot BTC ETFs. Data shows the ETFs recorded an inflow of $73.93 million as of July 11.
Ethereum’s Price Outlook Today
ETH is trading at $3,072, with a 1.7% decline in the past 24 hours and an 8% seven-day price increase. The gain in the weekly timeframe is likely driven by the excitement surrounding the imminent launch of Spot Ether ETFs.
Despite the buzz around the upcoming ETH ETFs, Ethereum remains stuck around the $3,200 resistance level. However, chances are high that the market will take a bullish turn after the ETF launch.
Solana’s Price Performance
SOL is trading at $135 today, with a 5.0% decline in the last 24 hours. Despite heightened Spot Solana ETF speculations, Solana’s struggles continue, in tune with the broader crypto market trend.
SOL hit a low of $134 and a high of $145 today. Solana’s downtrend could influence the price action of the numerous memecoins hosted on its network.
XRP’s 24-Hour Performance
XRP has shown resilience in breaking out of the prolonged bearish pattern. With a 6% price gain recorded in the past 24 hours, XRP is among the top gainers in the market.
XRP trades at a 24-hour low of $0.4396 and a high of $0.4711 as the buyers support its rally. However, there is no guarantee that its gains can be sustained since the investor sentiment is in extreme fear today. If XRP sustains the positive trend, it will likely rally to the $0.5 price soon.
Meme Coins Succumb to Bearish Trend
Meme coins followed the general bearish market trend and witnessed a price decline. Dogecoin (DOGE) shed 3.1% of its price gains to trade at $0.1058.
Also, Shiba Inu’s price declined by 3.7% to $0.00001596. PEPE also suffered a massive retracement of 8.7% within 24 hours. PEPE’s price at 5:54 a.m. EST is $0.000008507, showing a strong bearish outlook.
Pepe’s retracement in the last 24 hours has wiped out its 9.6% price gain this week, showing that the sellers are in control.
Top Crypto Gainers and Losers Today
The top gainers today are Maker (MKR), with a 6.15% increase, MANTRA (OM), XRP, and Stellar (XLM). Among today’s top gainers are BONK, which has declined 12.8%, Render (RNDR), Ethena (ENA), and PEPE. Overall, the crypto market sentiment remains bearish as investors show extreme fear.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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