Top Coins Analysis: BTC Price Drop Below $64K, ETH Trades Below $3,200 as Other Crypto Market Altcoins Record Losses 3 Days to Halving Event

Crypto markets continue to display a mix of slight recoveries and continued sideways movement today, April 16th, 2024. Within the past 24 hours, the total crypto market cap stands at $2.32 trillion, a strong figure despite market fluctuations.

Bitcoin (BTC) has experienced a drop of 4.47% in the last 24 hours, with a 9.93% drop over the last seven days, maintaining its dominance with a market cap of over $1.2T. Analysts suggest this could be a precursor to a more protracted period of sideways trading, especially in light of the upcoming Bitcoin halving event. Historically, halving has led to a "summer lull" where Bitcoin might not see a significant price trajectory for months. 

Cryptocurrency heat map (COIN360)

This year, the halving is expected in three days, and if past trends continue, the market might not witness a considerable upward trend until October. Bitcoin miners are anticipated to sell approximately $5 billion worth of BTC post-halving, potentially adding to the selling pressure over

the next four to six months.

Ethereum (ETH), on the other hand, has also seen a drop of 4.47% in the past 24 hours, and a 14.90% decline over the past 24 hours. The recent approval of a spot Bitcoin and Ethereum ETF in Hong Kong has sparked a whale buying spree, suggesting a bullish outlook among large-scale investors despite the market's downturn today. The approval by the Hong Kong Securities & Futures Commission (SFC) for these spot ETFs is particularly significant because it allows for in-kind redemption and subscription, distinguishing it from the cash redemption basis of similar ETFs in the U.S. Despite this optimistic news and whale activities, Ethereum may not post significant

gains in the immediate future.

Binance Coin (BNB), sitting as the fourth largest by market cap, has experienced a dip of 5.08%. Despite this, BNB's market cap remains substantial at over $81.9 billion, indicating the heavy weight BNB holds in the crypto economy. Solana (SOL) follows a similar downward trajectory, with a 24-hour performance showing a 11.42% decrease. This decline is part of a more extensive 21.86% drop over the past seven days, underscoring a bearish momentum.

XRP, known for its swift payment protocol, has also not been spared in the market's swings, showing a 3.43% decrease over the last 24 hours. This is in line with a more significant drop of 17.98% over the past 7days, indicating sustained selling pressure. Dogecoin (DOGE), the meme coin that often sees price movements on the back of social media talk, has also seen a decrease in its value by 5.81%, aligning with a 20.10% decrease over a week-long period.

Toncoin (TON) has also recorded a significant 24-hour dip of 11.76%, while Cardano (ADA) and Avalanche (AVAX) seeing decreases of 4.64% and 6.28%, respectively so far. Shiba Inu (SHIB) and TRON (TRX) round out the list with declines of 8.57% and 3.19%. Overall, the market paints a bearish picture in all crypto assets today as we await the BTC Halving set in the next 3 days from today