Following a sharp dip in Bitcoin prices below $100,000, major altcoins XRP, Tron (TRX), and Cardano (ADA) have seen significant declines, wiping out recent gains.
Bitcoin’s Drop Triggers Market-Wide Declines
Bitcoin’s retreat from $100,000 to $97,000 led to a widespread sell-off in the crypto market. Altcoins that had surged in recent weeks, including XRP, TRX, and ADA, faced sharp corrections. XRP fell by 12% to $2.17, Tron dropped 16.6%, and Cardano declined by 13.5%. These losses were part of over $1.5 billion in liquidations recorded across the market.XRP Leads Losses After Record Rally
XRP, which had recently surged by 450%, experienced one of the sharpest pullbacks. It also accounted for $57.44 million in liquidated derivatives positions, reflecting over-leveraged sentiment in the market.Analysts Predict Potential Recovery
Despite the sharp downturn, analysts remain optimistic about the market's resilience. A CoinSwitch official noted, “Historically, these dips have been followed by swift recoveries as fresh capital flows back into oversold assets.” The sell-off underscores the volatility in the crypto market, particularly during a bull cycle, as profit-taking often leads to sudden corrections.
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