Crypto Market Outlook: BTC, SOL, ETH, DOGE Face Downward Pressure

Ibrahim Ajibade
Published: Apr 28, 2024, 15:47 GMT+00:00

Key Points:

  • The crypto sector has continued to struggle for stability since Bitcoin Halving on April 20.
  • The global crypto market cap shrank by $100 billion over the past week, according to CoinmarketCap data
  • The megacap crypto assets, BTC, SOL, ETH and DOGE have faced setbacks over the weekend.
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Digital assets continue to struggle as the crypto market cap dips 1.28%. It currently hovers at around $2.45 trillion — a 94.5% change one year ago.

In what could be a knock-on effect from the traditional market, which saw the Japanese yen tumble to a 34-year low against the U.S. dollar, leading cryptocurrencies such as Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) all saw their prices drop in the last 24 hours.

Bitcoin (BTC) Price Outlook

Per data from CoinMarketCap, Bitcoin is currently priced at $63,284, which is a 2.32% drop from 24 hours ago.

In that period, the number one crypto recorded a trading volume of $22.89 billion, which was the second-highest amount in the last 24 hours.

BTC 24-hr price chart | Source: CoinMarketCap
BTC 24-hr price chart | Source: CoinMarketCap

While Bitcoin’s price is still more than 118% higher than it was at the same point a year ago, it is in the red over several other time frames.

For instance, the current price signifies a 10% dip over 30 days, a 6.7% drop across a fortnight, and a more modest 1.3% loss in the last seven days.

Solana (SOL) Price Outlook:

On its part, Solana — fifth on the list of the biggest cryptocurrencies by market cap — saw its price go down by more than 4% in 24 hours.

Currently, the coin is changing hands at $137.21 and has a 24-hour trading volume just north of $2.4 billion.

Solana (SOL) price chart | Source: CoinMarketCap
Solana (SOL) price chart | Source: CoinMarketCap

SOL has not fared any better over different time frames either. The current price represents a 25.6% drop from where it was 30 days ago, per data from TradingView.

It also marks a nearly 8% dip across 14 days, as well as a 2.6% loss over 7 days.

Ethereum (ETH) Price Outlook

Ethereum seems to have bucked the general negative trend, albeit rather modestly. At the time of writing, it was trading at about $3,137, which is a 0.23% uptick over the last day.

The slight bump was accompanied by a 24-hour trading volume of $10.26 billion, making ETH the third most traded cryptocurrency after Tether and Bitcoin.

Ethereum (ETH) price chart | Source: CoinMarketCap
Ethereum (ETH) price chart | Source: CoinMarketCap

Ethereum’s gains over seven days are more significant, with the current price being a 4% improvement on where it was a week ago.

However, the bearish sentiment that seems to have washed over the crypto market in the last month has not spared ETH either. It has lost more than 12% of its value in that time.


Dogecoin — the largest meme token — also shed some of its value in the last 24 hours.

The dog-themed coin shed nearly 3% of its price in that time. Trading at about $0.1451, Dogecoin’s value is also more than 30% lower than its level from a month ago.

DOGE 24-hr price chart | Source: CoinMarketCap
DOGE 24-hr price chart | Source: CoinMarketCap

Its performance is reflected among other meme coins, including Pepe (PEPE), Dogwifhat (WIF), and Shiba Inu (SHIB), which are all currently in the red, with losses ranging between 2.82% and 7.87%.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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