The cryptocurrency market faced significant pressure on Monday, with leading altcoins XRP (XRP), Tron (TRX), and Cardano (ADA) experiencing sharp declines. This comes as Bitcoin (BTC) fell below the $97,000 mark after briefly reclaiming six-figure territory.
XRP, which recently led a market surge with a staggering 450% monthly gain, fell 12% in the past 24 hours. The token dropped to $2.17, a sharp decline from its recent peak of $2.82. Similarly, Tron (TRX) experienced a 16.6% drop, while Cardano (ADA) declined by 13.5%.
These losses coincided with a broader market selloff, with over $1.5 billion in liquidations recorded during U.S. evening hours, according to Coinglass data. Bitcoin alone accounted for $189.18 million of these liquidations, highlighting the extent of the market’s volatility.
XRP contributed significantly to the liquidations, with $57.44 million wiped out in derivatives positions. Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) were not spared either, all recording significant losses.
The selloff underscores the persistent volatility in the cryptocurrency market, even during a prolonged bull phase. A Coin Switch analyst likened the event to the sharp crash of August , noting that such pullbacks are “par for the course in a bull market.”
“Historically, these dips have been followed by swift recoveries as fresh capital flows back into oversold assets,” the analyst explained. This perspective aligns with seasoned investor strategies that often capitalize on market downturns to accumulate assets at discounted prices.
Several factors appear to have contributed to the market’s latest decline:
Despite the sharp declines, market analysts remain cautiously optimistic about the overall crypto landscape. The pullback could pave the way for a healthier market structure, allowing for consolidation and renewed upward momentum.
For XRP, Tron, and Cardano, sustaining key support levels will be critical. XRP must hold above $2.00, while ADA and TRX need to maintain stability around their respective support zones to avoid further declines.
Bitcoin, the market’s barometer, must reclaim and sustain its position above $97,000 to restore confidence and set the stage for a potential recovery.
The cryptocurrency market saw a wave of liquidations on Monday as Bitcoin’s price dipped below $97,000, sending shockwaves through the broader altcoin market. Among the hardest-hit assets were XRP, Tron (TRX), and Cardano (ADA), which had been enjoying a bullish run in recent weeks. The market’s reaction to Bitcoin’s pullback has left many investors cautious as they navigate through volatile conditions.
XRP, which had recently posted a 450% surge in value, faced a 12% drop in just 24 hours, falling from a high of $2.82 to $2.17. Similarly, TRX plummeted by 16.6%, and ADA saw a 13.5% decline. The selloff extended to nearly every major crypto asset, with over $1.5 billion in liquidations recorded during the U.S. evening session. This selloff was heavily influenced by Bitcoin’s sharp drop, highlighting the interconnectedness of the market.
The recent selloff serves as a reminder of the crypto market’s inherent volatility, where sharp gains are often followed by swift corrections. However, such pullbacks also present opportunities for investors to reenter the market strategically.
As altcoins like XRP, Tron, and Cardano navigate this turbulent phase, all eyes will be on Bitcoin’s ability to stabilize and guide the market toward renewed bullish momentum.
Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9
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