Solana SOL/USD on Friday surpassed Dogecoin DOGE/USD in terms of market capitalization, claiming the 8th position.
What Happened: This development comes amid growing fear in the crypto market, as indicated by the crypto fear and greed index, which currently stands at 37, signaling a significant level of fear among investors.
As of now, SOL boasts a market cap of $8.77 billion, while DOGE trails closely behind with a market cap of $8.57 billion. Both cryptocurrencies have experienced a decline in value, with SOL down by 7.47% and DOGE by 10%.
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Why It Matters: Bitcoin BTC/USD, the leading cryptocurrency, took a major hit as it plunged below the $26,000 mark for the first time in two months. Investors have been turning increasingly risk-averse, with global government bond yields reaching their highest levels in about 15 years, amplifying the apprehension in the market.
The downward trajectory of Bitcoin can be traced back to the news of China’s Evergrande Group, a prominent property developer, filing for Chapter 15 bankruptcy protection in New York. Around the same time, reports began to circulate regarding Elon Musk’s SpaceX, which wrote down the value of its Bitcoin holdings by a staggering $373 million.
Price Action: At the time of writing, BTC was trading at $26,402.90, down 8% in the last 24 hours, according to Benzinga Pro.
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