Chip

Bitcoin

Dogecoin

Coin

<p>The cryptocurrency market is witnessing a significant downturn, with the overall market cap dropping by 4.89% to approximately $2.5 trillion. Major cryptocurrencies like Bitcoin, Ethereum, XRP, Cardano, and Dogecoin have all experienced substantial price declines over the last 24 hours.</p>
<h2 class="wp-block-heading" id="strong-price-drops-for-top-cryptocurrencies-strong"><strong>Price Drops for Top Cryptocurrencies</strong></h2>
<p>According to CoinMarketCap data at the time of this publication, Bitcoin’s (BTC) price was at <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">$66,055.61</a>, down by 4.28% in the last 24 hours. Similarly, Ethereum (ETH) is down 5.22%, trading at <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">$3,528.50</a>, while XRP’s price has dropped 4.65% to <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow">$0.608123</a>.</p>
<p>Cardano (ADA) and Dogecoin (DOGE) have experienced even more significant declines, with ADA down 7.94% at <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener noreferrer nofollow">$0.661698</a> and DOGE plummeting 10.95% to <a href="https://coinmarketcap.com/currencies/dogecoin/" target="_blank" rel="noopener noreferrer nofollow">$0.142870</a>.</p>
<h2 class="wp-block-heading" id="strong-factors-contributing-to-the-market-downturn-strong"><strong>Factors Contributing to the Market Downturn</strong></h2>
<p>Austin Hilton, a crypto analyst, in his <a href="https://youtu.be/lMkKLA_Rs5Y?si=uagO12_U0YmZTHUt" target="_blank" rel="noopener noreferrer nofollow">YouTube video</a>, attributes the market downturn to several factors. These factors include profit-taking after notable gains lately, macroeconomic factors such as the hotter than expected US Producer Price Index (PPI) data, and reduced inflows into spot Bitcoin ETFs.</p>
<p>I think that right now we will see opportunities to pick up different Blue Chip assets like Bitcoin, Ethereum, Solana, BNB, <a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">XRP</a>, Cardano, you name it,” Hilton says, suggesting that the market needed a pullback after the recent significant uptrends.</p>
<p>He adds, “I think this is just kind of a standard pullback.”</p>
<h2 class="wp-block-heading" id="strong-macroeconomic-factors-and-market-sentiment-strong"><strong>Macroeconomic Factors and Market Sentiment</strong></h2>
<p>The video also discusses the impact of bond yields and the negative Coinbase premium, indicating bearish sentiment from US markets. Additionally, the upcoming Bitcoin halving event is mentioned as a potential factor contributing to the typical pullback before such events.</p>
<p>Despite the downturn, Hilton remains optimistic, viewing this as an opportunity for long-term investors to accumulate blue-chip assets at lower prices.</p>
<p>“I think that right now we will see opportunities to pick up different Blue Chip assets like Bitcoin, Ethereum, Solana, BNB, XRP, Cardano, you name it,” he states.</p>
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<h2 class="wp-block-heading" id="strong-historical-patterns-and-market-cycles-strong"><strong>Historical Patterns and Market Cycles</strong></h2>
<p>Rekt Capital, a top crypto analyst, weighs in on the market downturn, <a href="https://x.com/rektcapital/status/1769115559235301587?s=20" target="_blank" rel="noopener noreferrer nofollow">tweeting</a>, “#BTC ‘This cycle is different because of the ETF’ Sure but it looks like that doesn’t protect price from a Pre-Halving Retrace which tends to happen in every cycle.”</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="686" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-1024x686.png" alt="" class="wp-image-454117" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-1024x686.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-300x201.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-767x514.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-1536x1029.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-2048x1372.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-224x150.png 224w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-522x350.png 522w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735-788x527.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-735.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>This tweet highlights the historical patterns observed in cryptocurrency market cycles, suggesting that the presence of ETFs may not necessarily prevent the typical price retracement before Bitcoin halving events.</p> <iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/lMkKLA_Rs5Y?si=uagO12_U0YmZTHUt" frameborder="0" allowfullscreen></iframe>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-btc-ethereum-eth-and-other-top-cryptocurrencies-see-price-dips-heres-why-the-crypto-market-is-down-today/" rel="noopener noreferrer nofollow">Bitcoin (BTC), Ethereum (ETH) and Other Top Cryptocurrencies See Price Dips: Here’s Why The Crypto Market is Down Today</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin (BTC), Ethereum (ETH) and Other Top Cryptocurrencies See Price Dips: Here’s Why The Crypto Market is Down Today

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