Daily Market Watch: BTC, ETH, SOL ORDI, and ARB

The crypto market turned bearish on Thursday with leading digital assets Bitcoin (BTC) and Ether (ETH) dropping significantly and failing to retain price action above $60,000 and $2,700, respectively. On the other hand, the leading altcoins also crashed while the total crypto market capitalization dropped to $2.06 trillion, a 3.59% dip in 24 hours.

As per the data from CoinMarketCap, Bitcoin tanked below the $60,000 price level after reaching a high of $61,600 and is trading at $57,903.52 at the time of publication. The largest crypto asset with a market cap of $1.14 trillion is down by nearly 5% in the past 24 hours while the trading volume of the digital asset rose 11.22%, indicating that sellers are in charge.

On the other hand, ETH crashed 4.22% in the past 24 hours and is trading at $2,604 but is up 7% in the past seven days. Further, the native token of the Ethereum blockchain reached a daily high of $2,775 but failed to break towards the $2,800-$3,000 price level. ETH is down a whopping 46.61% from its all-time high of $4,891.70 witnessed in the previous bull cycle.

Altcoins including Solana (SOL), ORDI (ORDI), and Arbitrum (ARB) all turned bearish while the only token that was bullish among the top 15 coins was Tron (TRX), which was up 1.15% in the past 24 hours and is currently trading at $0.1317. TRX surge can be tied to the recent announcement of TronDAOs meme coin platform SunPump announcing partnership with the HTX cryptocurrency exchange.

SOL is down 2.42% and is currently trading at $141.43, down 8.71% in the past seven days. However, there is significant potential of the altcoin making higher highs in the near future as it provides a daily return of 1% to the participants in the blockchains ecosystem. ORDI, on the other hand, crashed a massive 9.85% and is priced at $27.97, confirming that the cryptocurrency is on a downtrend.

Finally, ARB also nosedived 4.53% in the past 24 hours and is trading at $0.5534. The trading volume of the altcoin rose 17.16%, confirming that the sellers are currently in control of the cryptocurrencys price action.