Crypto Price Update: August 28: BTC Falls to $58K, ETH and Global Altcoin Tanks

The crypto prices in the market today continue to decline from yesterday. At press time, the crypto heat map data suggests that the majority of the coins in the market are trading in red, raising panic among investors. Several reasons have contributed to this notable downfall over the last day. According to a previous report by Coinfomania, the Bitcoin and global market crash was caused by several factors including increasing whale sell-offs and a sharp increase in liquidations.

Notably, the sentiment surrounding the market has once again dropped to ‘fear’ as depicted by the crypto fear and greed index. After the bulls managed to raise it into the ‘greed’ zone earlier this week, the bears have taken over, dropping the points to 30 from yesterday’s 48. Consequently, the total crypto market cap has lost a significant 6.13% in the last 24 hours to rest at $2.07 trillion. Below is an overview of the market and how the top cryptocurrencies have performed within the last day.

Top Crypto Prices Today

The price of Bitcoin has plummeted significantly in the last 24 hours. According to CoinMarketCap data, the Bitcoin chart shows high volatility falling from an intraday trading top of $62k, to $58,640 at the time of writing. This indicates a notable 5.58% decrease over the last day. In the weekly chart, however, its price has only seen a marginal decline of 0.37%. Also, Bitcoin exchange-traded products have seen negative flows over the last day. According to data from Soso Value, BTC ETF saw a daily total net inflow of 127.05 million.

The second-largest cryptocurrency, Ethereum has suffered the most losses among the top 10 cryptocurrencies. The coin has fallen below the crucial $2,600 mark over the last day. Per CMC data, the price of ETF is currently at $2,466, representing an 8.12% decline at the time of writing. Ethereum ETF has also recorded negative flows within the last day at -$3.45 million.

Other Altcoin Prices

Solana dropped notably by 7.50% at press time to trade at $145.08. Additionally, the price of Solana touched the bottoms and tops of $143.80 and $157.60 respectively.

Meanwhile, XRP is still trading below the $0.6 mark. CMC data shows that the price of XRP slipped by 2.84% to trade at $0.5738. Its 24-hour lows and highs were recorded at $0.5568 and $0.599. Earlier today, Coinfomania reported an increase in institutional investors’ interest in XRP according to a survey carried out by EY-Parthenon. This increasing interest has been projected to be one of the factors to catalyze the growth in XRP price.

Binance Coin (BNB) dropped significantly over the last day. At the time of writing, the coin fell by 2.76% to trade at $539.04 and maintained a 24-hour range of $521.34 and $555.58 respectively.

TRX plummeted by 1.38% to change hands at $0.1591 with 24-hour lows and highs of $0.1556 and $0.1629 respectively. Meanwhile, Toncoin (TON) dipped by 0.89% to reach $5.41.

Moreover, the memecoin market has shown notable losses in the last 24 hours. Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest memecoins have crashed within this time. While DOGE lost 5.77%, SHIB declined by 5.65%. As a result, DOGE and SHIB traded at $0.09943 and $0.00001379 respectively.

Top Trending Crypto Gainers Today

IDEX (IDEX) skyrocketed by 28.63% to reach $0.05015

Dogs (DOGS) gained 13.50% to $0.0014683

Tranchess (CHESS) moved up by 8.58% to $0.1619

Mobox (MBOX) surged 6.83% to $0.1710

VIDT DAO (VIDT) added 6.64% to $0.04744