Crypto Market Plunge: Solana, Dogecoin, XRP Lead Losses
The crypto market experienced a bloody start to the week, with major coins like Solana, Dogecoin, and XRP plunging over 10%. Bitcoin also fell below $100,000, leading to $770 million in liquidations.
Key Points
- Major Losses: Solana, Dogecoin, XRP, Ether, BNB, and Cardano all saw significant declines.
- Market Cap Down: The overall market cap fell 8.5%.
- Memecoin and Altcoin Woes: Pepe, Aptos, Gate.io’s GATE, and Virtuals also experienced double-digit losses.
- Jupiter’s Gain: JUP was the lone exception, with a 3.5% gain due to token buybacks.
- Bitcoin Slumps: Bitcoin dipped below $99,000 amid profit-taking ahead of the US FOMC meeting.
- Futures Losses: Traders lost $238 million in BTC-tracked futures, $50 million in SOL and DOGE bets, and $138 million in altcoin-tracked futures.
- Liquidation: A large liquidation of $98.4 million occurred on HTX.
- Market Signals: Liquidations can signal overstretched markets or potential buying opportunities.
Market Outlook
The market’s volatility and these liquidations highlight the need for caution and careful analysis. While some may see these events as buying opportunities, others may view them as further signs of a bearish market. It’s crucial to stay informed and adapt strategies accordingly.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always consult 1 with a qualified financial advisor before making any investment decisions. 2
