August 18, 2023 1:03 AM | 2 min learn
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Solana (CRYPTO: SOL) on Friday surpassed Dogecoin (CRYPTO: DOGE) when it comes to market capitalization, claiming the eighth place.
What Occurred: This improvement comes amid rising worry within the crypto market, as indicated by the crypto worry and greed index, which presently stands at 37, signaling a big degree of worry amongst buyers.
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As of now, SOL boasts a market cap of $8.77 billion, whereas DOGE trails intently behind with a market cap of $8.57 billion. Each cryptocurrencies have skilled a decline in worth, with SOL down by 7.47% and DOGE by 10%.
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Why It Issues: Bitcoin (CRYPTO: BTC), the main cryptocurrency, took a serious hit because it plunged beneath the $26,000 mark for the primary time in two months. Traders have been turning more and more risk-averse, with international authorities bond yields reaching their highest ranges in about 15 years, amplifying the apprehension in the market.
The downward trajectory of Bitcoin will be traced again to the information of China’s Evergrande Group, a distinguished property developer, submitting for Chapter 15 chapter safety in New York. Across the similar time, experiences started to flow into relating to Elon Musk’s SpaceX, which wrote down the worth of its Bitcoin holdings by a staggering $373 million.
Worth Motion: On the time of writing, BTC was buying and selling at $26,402.90, down 8% within the final 24 hours, according to Benzinga Pro.
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Learn Subsequent: Bitcoin, Ethereum, Dogecoin Meltdown Amid $1B Liquidations In A Single Day: Analyst Predicts Apex Crypto Could Face ‘Soul Crushing’ Plunge
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“The Greatest Report Benzinga Has Ever Produced”
Large returns are doable inside this market! For a restricted time, get entry to the Benzinga Insider Report, normally $47/month, for simply $0.99! Uncover extraordinarily undervalued inventory picks earlier than they skyrocket! Time is operating out! Act quick and safe your future wealth at this unbelievable low cost! Claim Your $0.99 Offer NOW!
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