Why is the Cryptocurrency Market Dropping? Important Developments to Pay Attention to

The cryptocurrency market continues to fluctuate as the Federal Reserve's hardline stance on interest rates continues to weigh on investor sentiment. Major companies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) are under pressure in this volatile context. Here is a detailed analysis of today's market performance. Bitcoin And Ethereum: The Market Leaders Struggling Bitcoin has dropped 2.5% in the past 24 hours and is currently trading at $96,236. The low for the day is $95,137, while the high reached $98,973. Despite the decrease, Bitcoin's market dominance remains strong at 57.05%. Long-term indicators continue to be positive, supported by KULR Technology's recent purchase of $21 million in BTC, signaling ongoing optimism among institutional investors. Ethereum has dropped 2% to $3,380, with the day's low and high at $3,302.31 and $3,446 respectively. While Ethereum's decline reflects the overall market trend, data from Coinglass shows a slight optimistic increase. ETH's open interest in futures contracts increased by 1% to $23.47 billion and derivative trading volume surged by 29% to $35.69 billion. Solana and XRP: Fluctuations Continue Solana has decreased by 3% in the past day, trading at $190.31. Its daily low and high are $186.86 and $195.27, respectively. The future price volatility of Solana is still uncertain due to market dynamics. Coinglass reports that Solana's open interest in the futures contract has decreased by 3%, even as its derivatives trading volume has increased by 24%. XRP dropped by 3.5% to $2.18, with the daily low of $2.13 and high of $2.25. The Ripple community remains hopeful, driven by favorable legal developments and technical analysis. Speculation about XRP's future includes a bold price target of $27, as mentioned in a recent report. However, market pressure continues to weigh on this token. Meme Coin And Broader Market Trends Meme coins are also not immune to the decline, with Dogecoin dropping 3% to trade at $0.3156, while Shiba Inu decreased by 2% to $0.00002182. Other meme coins like PEPE, BONK, and PENGU suffered losses ranging from 1% to 13% during the day. Despite the current challenges, market experts believe that the bullish cycle is not yet over. Both BTC and ETH have recorded small hourly gains of 0.06% and 0.15% respectively, sparking new hopes in the investment community. DYOR! #Write2Win #Write & Earn $BTC {spot}(BTCUSDT)