BTC at 55K and ETH at 2900 Market Continues to Collapse OnChain Transactions Surge Sentiment Turns to Fear
In recent days, there have been reports of the German government transferring confiscated bitcoins, coupled with the bankruptcy of the Mt.Gox exchange in Japan, which has begun transferring billions of dollars in bitcoins scheduled for payment this month. Does it seem that the overall sentiment in the cryptocurrency market is beginning to weaken? The fear and greed index has fallen to 38, indicating a state of fear.
Bitcoin has fallen below 57K, and institutional selling has caused market panic. Sun Ge has expressed willingness to take over.
Top 10 token market values all plummeted, and the gains of ETH ETF have disappeared.
Trading activity has increased, and gas prices have surged. MEV bots are snatching orders.
Looking back at the 30-day gains, BTC has dropped by 22%, ETH has dropped by 23%, and Bitcoin has returned to its February levels this year, while Ethereum has also given back the gains it made when the spot ETF was partially approved in May.
BNB, which launched the Launchpad and MegaDrop token issuance platforms this year, has achieved a historical high, but has now fallen by 30% in the last 30 days.
SOL, which had excellent recovery ability, lost its momentum after the meme coin craze and has recently dropped by nearly 30% in the market.
Despite plans to issue stablecoins and a lawsuit with the SEC, XRP’s token usage rate has not been hindered, and it has fallen by 25% in the last 30 days.
TON, backed by the Telegram aura, has continued to attract users by issuing meme coins through games similar to WeChat mini-programs, and has achieved multiple growth this year. Although such operations are very resistant to falls, it fell by 13% today.
DOGE, an ancient meme coin, has not kept up with the meme craze and has fallen by 42% in the last 30 days, making it the most severely declining currency of all.
ADA, no longer a topic of mainstream community discussion, still has a loyal support community, and has also fallen by 30% in the last 30 days without any notable developments.
TRX, the foundation of Justin Sun’s TRON, and the platform with the largest USDT circulation, has even risen by 8% in the last 30 days.
Avalanche had previously stated its strong support for the development of meme coins this year, but it does not seem to have been well received by the market, falling by nearly 40% in the last 30 days.
According to Etherscan, the Ethereum Gas Price has surged from single digits to 54 gwei, making a single exchange transaction cost $60. Selling an NFT could cost up to $100.
The most active use of Gas Fee comes from Uniswap, indicating active coin exchange activities. This is followed by the new currency DOP1 listed on Bybit, which consumes gas due to large token transfers.
The active use of USDT and MEV Bot consuming gas can further reveal the trend of fleeing to the chain, as well as the situation where MEV Bot is taking advantage of the opportunity to profit from arbitrage trading.
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