- 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
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:
- Ethereum: Down 5% to $3,786
- Solana: Decreased 6% to $222
- Avalanche, Shiba Inu, ChainLink, and Polkadot: Each declined approximately 9%
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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