The cryptocurrency market experienced a significant sell-off on Tuesday, causing its total valuation to drop by 1.91% to approximately $1.07 trillion. The decline was primarily due to the performance of several key cryptocurrencies including Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE).
Bitcoin, the market leader, saw its price fall by 0.85% to $27,659.69. Despite this drop, its weekly performance remained marginally positive at 0.09%.
Solana, often referred to as an 'Ethereum-killer' altcoin, suffered the largest loss among the top 10 cryptocurrencies listed on CoinMarketCap. Its value decreased by 3.97% to $22.32, pushing its weekly performance down to -7.63%.
Dogecoin, a widely recognized 'meme coin', also contributed to the market's decline. Its price fell by 2.58% to $0.05913, resulting in a weekly performance of -4.93%. Ripple (XRP) followed closely with a loss of 2.93%.
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