- XRP and Solana fell 11% respectively as top altcoins mirrored Bitcoin’s decline.
- BTC touched $91,700, down over 6% in 24 hours.
- While DOGE also fell, analysts say it’s not panic-worthy.
XRP, Solana and Dogecoin have retraced more than 10% each as top altcoins mirror Bitcoin’s pullback from near $100k.
With the top digital asset falling 6% to below $93k, the prices of XRP, SOL and DOGE followed suit with dips of more than 11% for XRP and Solana and over 12% for the top meme coin Dogecoin.
BTC retraces as momentum fades
The flagship cryptocurrency rose sharply in November and nearly pushed to the coveted $100,000 level. Trump’s win, spot ETFs interest and interest rates cut added to the upside momentum. MicroStrategy’s BTC buying spree has been another huge catalyst.
However, despite MicroStrategy’s staggering $5.4 billion buy on Monday, Bitcoin price continued lower since failing to break $100k. This came as the market saw a huge $430 million liquidation, with ETFs recording over $438 million in net outflows. It ended the market’s five-day streak.
Commenting on the market outlook, analysts at QCP Capital noted:
“No immediate catalysts: With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. #BTC was extremely overbought post-election, making a cooldown inevitable.”
BTC had touched lows of $91,700 at the time of writing.
It’s not a crash
While Bitcoin’s downside has caution for volatility cascading to the broader market, analysts say its “not panic-worthy”
“It’s not just BTC. ETH’s implied volatility skews toward puts, signaling broader caution. Growing downside risks have many bracing for more volatility in the coming days. But is this panic-worthy? Not quite. This isn’t a crash—it’s a retracement to last week’s levels. The market is taking a breather after a strong rally,” the analysts said.
XRP traded near $1.32, while Solana had dipped to $225 and DOGE to $0.37.
Credit: Source link
