Top Coins Analysis: BTC Price Drop Below $64K, ETH Trades Below $3,200 as Other Crypto

Crypto markets continue to display a mix of slight recoveries and continued sideways movement today, April 16th, 2024. Within the past 24 hours, the total crypto market cap stands at $2.32 trillion, a strong figure despite market fluctuations.

Bitcoin (BTC) has experienced a drop of 4.47% in the last 24 hours, with a 9.93% drop over the last seven days, maintaining its dominance with a market cap of over $1.2T. Analysts suggest this could be a precursor to a more protracted period of sideways trading, especially in light of the upcoming Bitcoin halving event. Historically, halving has led to a “summer lull” where Bitcoin might not see a significant price trajectory for months.

Cryptocurrency heat map (COIN360)

This year, the halving is expected in three days, and if past trends continue, the market might not witness a considerable upward trend until October. Bitcoin miners are anticipated to sell approximately $5 billion worth of BTC post-halving, potentially adding to the selling pressure over

NEW: #Bitcoin ⛏️ miners might sell 💵 $5B worth of #BTC after the halving, potentially causing a slump for several months.
This follows a pre-halving buying trend by miners, which usually boosts prices, per 10x Research. pic.twitter.com/yPGTNF4Do2
— Bitcoin News (@BitcoinNewsCom) April 15, 2024

the next four to six months.

Ethereum (ETH), on the other hand, has also seen a drop of 4.47% in the past 24 hours, and a 14.90% decline over the past 24 hours. The recent approval of a spot Bitcoin and Ethereum ETF in Hong Kong has sparked a whale buying spree, suggesting a bullish outlook among large-scale investors despite the market’s downturn today. The approval by the Hong Kong Securities & Futures Commission (SFC) for these spot ETFs is particularly significant because it allows for in-kind redemption and subscription, distinguishing it from the cash redemption basis of similar ETFs in the U.S. Despite this optimistic news and whale activities, Ethereum may not post significant

BREAKING: Hong Kong approves multiple spot $BTC and $ETH ETFs! pic.twitter.com/N9SWtjsA1K
— Mister Crypto (@misterrcrypto) April 15, 2024

gains in the immediate future.

Binance Coin (BNB), sitting as the fourth largest by market cap, has experienced a dip of 5.08%. Despite this, BNB’s market cap remains substantial at over $81.9 billion, indicating the heavy weight BNB holds in the crypto economy. Solana (SOL) follows a similar downward trajectory, with a 24-hour performance showing a 11.42% decrease. This decline is part of a more extensive 21.86% drop over the past seven days, underscoring a bearish momentum.

XRP, known for its swift payment protocol, has also not been spared in the market’s swings, showing a 3.43% decrease over the last 24 hours. This is in line with a more significant drop of 17.98% over the past 7days, indicating sustained selling pressure. Dogecoin (DOGE), the meme coin that often sees price movements on the back of social media talk, has also seen a decrease in its value by 5.81%, aligning with a 20.10% decrease over a week-long period.

Toncoin (TON) has also recorded a significant 24-hour dip of 11.76%, while Cardano (ADA) and Avalanche (AVAX) seeing decreases of 4.64% and 6.28%, respectively so far. Shiba Inu (SHIB) and TRON (TRX) round out the list with declines of 8.57% and 3.19%. Overall, the market paints a bearish picture in all crypto assets today as we await the BTC Halving set in the next 3 days from today