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Bitcoin Slides Below $97K After Briefly Touching $100K, Dogecoin Leads Losses

Crypto Market Faces Broad Correction as Leading Altcoins Drop Following Bitcoin's Retreat from Recent Highs

  • Bitcoin briefly touched $100,000 before retreating to $96,880, marking a 3% decline.
  • Dogecoin and XRP lead losses among top cryptocurrencies, each dropping approximately 8% in 24 hours.
  • XRP maintains 333% monthly gains despite recent price correction from seven-year high.
  • Market-wide correction triggers $620 million in position liquidations across cryptocurrencies.
  • Alternative cryptocurrencies face steeper declines, with AVAX, SHIB, LINK, and DOT down 9%.

Bitcoin’s Historic Run Faces Resistance at $100,000 Mark

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The cryptocurrency market entered a correction phase as Bitcoin retreated from its brief appearance above $100,000, settling at $96,880 amid broader market declines that affected major digital assets across the board.

Market-Wide Correction

Leading the downturn, Dogecoin and XRP experienced the sharpest declines among top-tier cryptocurrencies, each shedding approximately 8% in value over 24 hours, according to CoinGlass data. DOGE pulled back to $0.428 after reaching $0.48, its highest point in three years, while maintaining a 106% monthly gain.

XRP, the digital asset associated with Ripple, declined to $2.38 from its recent seven-year peak of $2.82. Despite the correction, XRP’s monthly performance shows a remarkable 333% increase, significantly outperforming Bitcoin’s 27% rise during the same period.

Alternative Assets Under Pressure

The correction extended to other major cryptocurrencies:

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The market volatility triggered significant position closures, with total liquidations reaching $620 million in the past 24 hours. Bitcoin-related positions accounted for $86 million of these liquidations, highlighting the market’s sensitivity to price movements at these elevated levels.

This pullback follows Bitcoin’s recent all-time high of $103,679, which surpassed the previous record set after the recent U.S. presidential election by approximately $30,000. The correction suggests investors may be taking profits after the substantial gains across the cryptocurrency market.

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