Crypto market snapshot Nov 27: BTC, ETH, SOL, XRP see declines; Fantom rises 10%

The cryptocurrency market experienced a bearish trend on November 27, with major tokens like Bitcoin, Ethereum, Solana, and XRP seeing significant losses.

However, Fantom and Algorand stood out, recording notable gains amidst the market turbulence.

BTC, ETH, SOL, and XRP tokens decline

The total crypto market cap has dropped by 2%, standing at $3.18 trillion, with trading volumes down by 9% to $220 billion over the past 24 hours.

Bitcoin (BTC)

Bitcoin’s price slid 2%, currently trading at $93,189. The 24-hour range for BTC was $90,770 to $94,991.

Source: CoinMarketCap

With a market cap of $1.84 trillion and a trading volume of $90 billion, Bitcoin’s dominance stands at 57.52%.

Meanwhile, BTC ETFs recorded $122 million in outflows, with Fidelity leading the sell-off.

Brazil’s Congress is also evaluating the creation of a strategic Bitcoin reserve, drawing attention despite market pressures.

Ethereum (ETH)

ETH declined 2%, trading at $3,362, with a 24-hour low and high of $3,255 and $3,448, respectively.

The token’s market cap is $405 billion, with a $39 billion trading volume.

ETH ETFs saw $9.45 million in outflows, though Grayscale recorded a $16 million inflow, indicating mixed sentiment.

Solana (SOL)

SOL dropped 3% to $233, with a 24-hour range of $222 to $239. The token’s market cap is $110 billion, and trading volumes reached $7 billion.

Meanwhile, Solana’s meme-coin launchpad, Pump Fun, announced the suspension of its live-streaming feature, drawing mixed reactions.

XRP

XRP fell by 6%, currently trading at $1.369. The token’s 24-hour low and high were $1.29 and $1.45, respectively.

Ripple, the company behind XRP, contributed $25 million to the Fairshake PAC to promote pro-crypto initiatives, demonstrating its commitment to the industry despite market struggles.

Meme coins under pressure

The meme coin sector mirrored the bearish trend.

Dogecoin (DOGE) fell 4% to $0.3876, while Shiba Inu (SHIB) dropped 3% to $0.00002446. Other tokens, including PEPE and BONK, also saw declines of 4-8%, highlighting the broader downturn in speculative assets.

Top gainers and losers

Algorand (ALGO) surged 8%, trading at $0.299, with a 24-hour range of $0.2515 to $0.3089.

Fantom (FTM) rose 10%, reaching $1.09, with a daily range of $0.92 to $1.13.

Source: CoinMarketCap

Stellar (XLM) dropped 15%, trading at $0.42, while The Sandbox (SAND) fell 10% to $0.58.

Despite the current downturn, the hourly charts indicate early signs of stabilization in BTC and leading altcoins.

This suggests a potential rebound as sentiment improves, setting the stage for a possible market recovery.