Altcoins BRETT, PEPE, WIF, and JUP plummet 10% as Bitcoin drops 4%.
On July 8, most altcoins saw red, including BRETT, PEPE, WIF, and JUP, falling over 10%, as Bitcoin, the largest cryptocurrency, dropped 4% in a day.
**BRETT**, inspired by a character from the “Boy’s Club” comic, was down 8% in 24 hours and 30% over the last week. Its trading volume hovered around $49.1 million. The market cap fell to $1.12 billion, making it the 62nd largest cryptocurrency, per CoinMarketCap (CMC).
**PEPE** dropped 12% over the past day, making it the biggest loser as of Monday morning. Over the last week, it fell 30%. Its daily trading volume was $768 million, and the market cap dropped to $3.47 billion, ranking it 24th among the top 100 cryptocurrencies.
**WIF**, Solana-based, was down 11% in the last day, trading at $1.66. Over the past week, it dropped 27%. Its daily trading volume rose 14% to $468 million, but the market cap fell to $1.6 billion.
**Jupiter (JUP)**, a Solana-based DEX aggregator, dropped 10% in 24 hours and 16% over the past week. Its daily trading volume stood at $109 million, while its market cap fell below $1 billion.
The sharp decline in these altcoins followed a 4% drop in Bitcoin’s value to $55,676 on Monday morning. Its 24-hour low and high were $54,424 and $57,863, respectively. Bitcoin fell 12% over the last 7 days.
Bitcoin’s drop coincided with the German government transferring 700 BTC, about $40.47 million, to crypto exchanges, continuing a sell-off trend since June.
According to Lookonchain, a blockchain data analytics platform, the German government’s BTC move recently sparked mixed reactions, with some predicting a potential drop to $40,000.
Adding to the volatility, Mt. Gox transferred 47,229 BTC worth $2.7 billion to an unknown wallet, further impacting Bitcoin’s price.
Mt. Gox, once the leading crypto exchange before its 2014 collapse, is set to repay creditors, raising fears that selling recovered Bitcoin will depress prices further.
As of July 5, the German government holds 41,226 BTC, worth $2.28 billion. The U.S. government holds 213,297 BTC, worth $11.72 billion, and Mt. Gox controls 141,687 BTC, worth $7.78 billion.
The altcoin market decline is closely linked to Bitcoin’s performance. When Bitcoin experiences significant price drops, it often triggers widespread declines in altcoin values.
Despite the downturn, some analysts remain optimistic about a potential altcoin season starting soon.
