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Top Cryptocurrencies Face Challenges, Bitcoin and Ether Fail to Reach Key Levels

Top Cryptocurrencies Face Challenges, Bitcoin and Ether Fail to Reach Key Levels

Bitcoin and Ether experienced a decline, as did the majority of the top 10 non-stablecoin cryptocurrencies by market capitalization, except for Dogecoin.

Bitcoin and Ether Couldn’t Recover Today

During Tuesday afternoon trading in Hong Kong, Bitcoin and Ether experienced a decline, as did the majority of the top 10 non-stablecoin cryptocurrencies by market capitalization, except for Dogecoin. Despite falling below the US$30,000 support level, institutional interest in Bitcoin remained strong.

During afternoon trading in Asia, Bitcoin remained relatively stable, trading at US$29,144 as of 4:30 p.m. in Hong Kong, following its drop below the US$30,000 support level on Monday. Ether experienced a slight decline of 0.1% during afternoon trading in Asia, falling to US$1,851 and seeing a 2.77% decrease over the past week. 

The ruling in the Ripple case has sparked a short rally in the crypto market. Concurrently, the demand for Bitcoin is driven by significant inflows from institutional investors. 

Bitcoin and Ether Couldn't Recover Today but Doge is shining

For the second day in a row, Dogecoin was the only top 10 token to see an increase, rising by 2.5% in the past 24 hours to US$0.0768. The biggest decline of the day was experienced by Solana’s Sol token, which fell by 5.97% in the past 24 hours to US$23.10, followed by XRP, which lost 5.32% to US$0.6833. 

According to CoinMarketCap data, the total crypto market capitalization decreased by 0.38% to US$1.19 trillion over the past 24 hours, while market volume increased by 9.27% to US$25.15 billion.

According to CryptoSlam, Bitcoin’s 24-hour non-fungible token (NFT) sales experienced a decline of 5.82% to US$666,101, causing the network to fall to the sixth largest blockchain by 24-hour NFT sales volume. Ethereum’s 24-hour NFT sales decreased by 11.21% to $11.69 million.

However, sales for the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, increased by 17.68% to US$1.17 million, while Azuki sales saw a decline of 49.31% to US$547,373. 

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