The cryptocurrency market started the week with volatility due to value losses in Bitcoin and major altcoins. The total market capitalization declined by 2%, dropping to $3.3 trillion. Despite this downturn, The Sandbox (SAND) and Decentraland (MANA) stood out with impressive performances. The current selling pressure is largely attributed to Bitcoin’s price movements.
Current Status of Bitcoin and Altcoins
Bitcoin’s price fell to around $96,000, marking a 2% decrease. Popular altcoins like Ethereum (ETH) , Solana (SOL), and XRP were also affected by this decline. The cryptocurrency market sentiment index dropped from 94 last week to 82 this week, indicating a shift from the “extreme greed” zone to an area of “low confidence.”
Peter Brandt noted that Bitcoin retains long-term upward potential; however, short-term selling pressure may increase. This situation prompts market participants to act more cautiously. Meme coins, including DOGE and SHIB, along with PEPE, BONK, and FLOKI, experienced losses ranging from 6% to 12%.
The Sandbox and Decentraland Gain Momentum
Despite unfavorable market conditions, some altcoins gained value. The Sandbox (SAND) saw an impressive 70% increase, while Decentraland (MANA) rose by 30%, and Axie Infinity (AXS) increased by 16%. These gains were supported by rising buying volumes.
Conversely, Stellar (XLM), Algorand (ALGO), and Hedera (HBAR) ranked among the biggest losers. XLM fell by 16%, ALGO by 11%, and HBAR by 10%. The decline in trading volumes further corroborates the weak performance of these coins.
Overall, fluctuations in the cryptocurrency market create a landscape of uncertainty for market participants. However, experts predict that strong projects like The Sandbox and MANA will attract more interest in the long run. Signs of recovery in Bitcoin and Ethereum could boost optimism in the market.
