BTC Fell Back Below $70K and Ether Is Near Battles the $3.5K Level
The top cryptocurrencies experience a pullback as the market sees a downturn
March 28, 2024 06:33 AM
Reading time: 1 minute, 29 seconds
TL;DR Today's crypto market saw a significant pullback, with Bitcoin dropping below $70,000 and Ethereum nearing below $3,500. Other major altcoins, including Solana, XRP, and Cardano, also witnessed notable declines. Amidst the market downturn, some meme coins like Dogecoin and Shiba Inu posted gains.
Crypto Prices Today Witness Significant Decline
The cryptocurrency market today experienced a noticeable downturn, with Bitcoin (BTC) falling below the $70,000 mark once again. Concurrently, Ethereum (ETH) is on the brink of dropping beneath $3,500. This decline is part of a broader pullback affecting several top altcoins, including Solana (SOL), XRP, and Cardano (ADA), which have all seen significant declines.
At the time of writing, Bitcoin's price had decreased by 0.62%, reaching $69,655.55 on Thursday, March 28. Its trading volume, however, saw a 14.39% increase, hitting $41.15 billion in the last 24 hours, while the market cap stood at $1.36 trillion. Ethereum wasn't spared from the downturn either, with its price dipping by 2.05% to $3,511.85 and its trading volume surging by 18.19% to reach $20.01 billion.
"The crypto market is witnessing a significant pullback with major cryptocurrencies like Bitcoin and Ethereum leading the downturn."
Altcoins and Meme Coins: A Mixed Bag
The altcoin sector also faced challenges, with Binance Coin (BNB) dropping by 2.06% to $578.91 and Solana (SOL) falling below the $190 mark. XRP and Cardano's prices also declined, highlighting the widespread impact of the market pullback. Contrarily, meme coins such as Dogecoin and Shiba Inu experienced price increases, with Dogecoin up by 2.62% and Shiba Inu rallying by 6.72%.
Spotlight on Mantle: A Rally Amidst the Downturn
While the broader market faced declines, Mantle (MNT), an Ethereum Layer 2 crypto project, showcased an impressive rally, marking a nearly 27% increase in its price. This rally propelled Mantle to the top of the crypto gainer list today, even recording a new all-time high of $1.48 amid the market downturn.
The cryptocurrency market's dynamics continue to evolve, with today's pullback highlighting the volatile nature of this asset class. As investors navigate these turbulent waters, the performance of meme coins and projects like Mantle provides a glimpse into the diverse reactions within the crypto ecosystem to market changes.
