Market Update August 1

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Bitcoin, the leading cryptocurrency, experienced a decline of -3.02% over the last 24 hours to reach $64,295.39. Meanwhile, Ethereum saw an even bigger drop of -4.54% and is now priced at $3,166.63.

The total market cap of all cryptocurrencies also took a hit, falling by 3.39% to reach $2.31 trillion. However, despite the dip in prices, the trading volume increased by 19.70%, reaching $77.71 billion.

This suggests that investors are still actively participating in the market.

Other altcoins also followed the same downward trend as Bitcoin and Ethereum. Binance Coin (BNB) experienced a decrease of -2.88%, Solana decreased by -8.29%, XRP fell by -5.89%, and Dogecoin saw a drop of -4.73%. Toncoin, an altcoin that recently gained attention for its rising price, saw a slight decrease of -0.30%. Cardano, on the other hand, experienced a drop of -4.24%.

Regarding the recently-launched Ethereum-based ETFs, yesterday they posted daily net outflows of $77M.