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Aug 27,2023

Ethereum is above $1,650, Bitcoin is above $26,000, and Solana is down 5%

Bitcoin was once again under selling pressure, falling more than 1% to cling below $26,000-levels, while Ethereum followed suit but managed to keep above $1,650.

In line with the declines in the traditional asset market, Bitcoin and other crypto tokens saw substantial declines in price on Friday. Global traders are anticipating the outcome of the Jackson Hole Symposium of the Federal Reserve, notably Chair Jerome Powell's speech scheduled for later in the day.

After a brief recovery, selling pressure was once again there on Bitcoin, which saw a fall of more than 1% to barely retain levels of $26,000. In a similar vein, Ethereum, its biggest rival, too declined along similar lines but was able to maintain above $1,650. The day's price movement in the alternative currencies was on the lower side.

On Friday, all other major crypto assets were trading significantly lower. As much as 5% of Solana's value was lost, while Polygon lost 3%. In the early hours, Dogecoin, Litecoin, Shiba Inu, Polkadot, XRP, Toncoin, Cardano, and Tron all experienced a 2% decline.

The market capitalization of all cryptocurrencies was trading noticeably lower, rising down to $1.05 trillion-mark as it fell more than a percent in the previous day. The entire trade volume, however, decreased by more than 17% to $27.95 billion.

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