The cryptocurrency market recently experienced a significant downturn, with major coins like Bitcoin, Ethereum, XRP, Dogecoin, and Solana all suffering losses. Bitcoin dropped 7% in a day from an all-time high to $97,000, while Ethereum fell nearly 12% to $3,422. XRP and Dogecoin also saw double-digit losses, with Solana dropping below $200. This market correction was part of a broader sell-off triggered by Federal Reserve Chair Jerome Powell’s comments on inflation projections for 2025.
Meme coins like Dogecoin were hit hard by the news, with prices dropping and panic selling among holders. Despite this, Dogecoin remains one of the largest cryptocurrencies by market cap. The market also saw over $1.2 billion in liquidations within 24 hours, with long positions accounting for most of the losses. Other altcoins like XRP, Cardano, Shiba Inu, and Bonk also suffered significant losses.
Amidst the sell-off, some altcoins like Fartcoin have been gaining attention, with significant gains in the past week. However, overall sentiment in the crypto market remains bearish as Bitcoin struggles to stay above $100,000. Analysts are closely monitoring the market for any further developments.
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