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Highlights
- Bitcoin and Ethereum experience notable declines, reflecting bearish market trends.
- Algorand (ALGO) rises sharply, gaining momentum despite the overall market downturn.
- Meme coins including Dogecoin (DOGE) and Shiba Inu (SHIB) face significant drops.
The cryptocurrency market on November 27 displayed a clear bearish trajectory, with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP witnessing declines. Amid the downturn, Algorand (ALGO) surged, defying the broader trend with a notable increase in value. The overall market capitalization slipped by 2%, now standing at $3.18 trillion, while trading volume fell 9% to $220 billion.
Bitcoin (BTC) Performance
Bitcoin recorded a decline of over 2%, currently trading at $92,890. During the last 24 hours, the cryptocurrency reached a low of $90,770 and a high of $94,991. Bitcoin's market dominance remains strong at 57.52%, with a market capitalization of $1.84 trillion and $90 billion in trading volume. Notably, BTC ETFs saw an outflow of $122 million as of November 26, with the Brazilian Congress considering a bill to create a Bitcoin reserve.
Ethereum (ETH) Trends
Ethereum mirrored Bitcoin's movement, slipping 2% in the past day to trade at $3,362. The intraday range was $3,255 to $3,448, with a market capitalization of $405 billion and trading volume of $39 billion. Ethereum ETFs saw mixed activity, with $9.45 million in outflows, while inflows led by Grayscale reached $16 million.
Solana (SOL) Update
Solana faced a 3% drop, trading at $233 with a 24-hour range of $222 to $239. The cryptocurrency's market capitalization now stands at $110 billion, with $7 billion in trading volume. Meanwhile, Solana’s meme-coin platform, Pump Fun, indefinitely suspended its live-streaming feature, sparking interest within its community.
XRP Price Action
XRP experienced the steepest decline among major cryptocurrencies, losing 6% to trade at $1.369. Its market capitalization stands at $78 billion, with trading volume reaching $9 billion in the last 24 hours. Ripple has contributed $25 million to pro-crypto initiatives, signaling ongoing support for industry development.
Meme Coin Sector
Meme coins mirrored the overall market sentiment, with Dogecoin (DOGE) dropping 4% to $0.3876 and Shiba Inu (SHIB) slipping 3% to $0.00002446. Other meme coins like PEPE and BONK also declined by 4% to 8%, reflecting the bearish trend across this segment.
Despite the broad market downturn, Algorand (ALGO) surged, recording a 15% gain over the past 24 hours, showcasing its resilience in a volatile market.
