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The cryptocurrency market experienced a significant downturn this week, with the majority of top coins showing red across the board. Market volatility and investor sentiment appear to be driving forces behind the notable declines.

Market Overview

As of the latest update, Bitcoin (BTC) is priced at $62,881.52, down 2.58% in the last 24 hours and 5.27% over the past week. Despite its recent losses, BTC still maintains a 17% upward trend.

Ethereum (ETH), the second-largest cryptocurrency by market cap, is trading at $3,405.65, having dropped 3.06% in the past day and 6.15% over the week. ETH’s trend remains positive at 16%.

Major Decliners

  • Solana (SOL): SOL saw one of the steepest declines, falling 5.82% in the last 24 hours and a staggering 14.61% over the week, with a trend of 15%.
  • Binance Coin (BNB): Trading at $574.39, BNB decreased by 3.01% daily and 5.51% weekly, holding a 17% trend.
  • Shiba Inu (SHIB): Known for its volatility, SHIB dropped 4.56% today and 15.57% in the past week, with a 9% trend.

Notable Performers

Despite the overall downtrend, a few coins managed to perform relatively well:

  • Toncoin (TON): Priced at $7.4397, TON only declined by 1.37% in the last 24 hours but has shown resilience with a 66% positive trend, despite a 5.99% weekly drop.
  • TRON (TRX): TRX stands at $0.1191, down 0.91% today but up 1.01% for the week, with a 57% trend.
  • LEO (LEO): This coin bucked the trend, rising 0.87% in the last 24 hours, though it’s down 2.90% for the week. LEO’s trend is positive at 56%.

Other Significant Movements

  • Avalanche (AVAX): Down 1.86% daily and 16.28% weekly, AVAX’s trend remains at 11%.
  • Polkadot (DOT): Trading at $5.6750, DOT dropped 1.65% and 10.53% for the day and week, respectively, with a 15% trend.
  • Matic (MATIC): Declining by 5.58% today and 6.37% for the week, MATIC’s trend is still positive at 19%.

The crypto market is currently in a bearish phase, with most top coins showing declines both in daily and weekly performances. However, the overall trends for some coins remain positive, suggesting potential for recovery. Investors should stay informed and consider market volatility when making investment decisions.

As always, the crypto market is unpredictable, and it remains to be seen how it will perform in the coming weeks.

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