Cryptocurrencies have experienced sharp price drops in the past 24 hours, with leading altcoins like Tron, XRP, and Cardano recording the most losses. The downtrend follows explosive rallies that began in early November when pro-crypto Donald Trump was declared the winner of the US presidential elections.
Top altcoins are witnessing steep price falls as Bitcoin plunges below $100,000, triggering liquidations worth millions. Data from CoinGecko shows BTC valued at $97,885, down 1.4% in the last 24 hours.
Leading Cryptocurrencies Post Two-digit Losses
Meanwhile, XRP, which has seen the most gains (436%) in the past 14 days, has shed 12.2% of its value today, dropping to $2.17 after peaking at $2.89 last week. Similarly, Tron is down 11.3% to $0.26 but continues to hold onto its 7-day gains of 45.3%. Cardano, on the other hand, has recorded a 24-hour loss of 12.6% and now trades at $0.9903.
According to CoinGlass analysts, these crypto assets lost most of their gains during the US trading session on Monday. The selloff, as mentioned earlier, has resulted in liquidations. CoinGlass data shows over 500,000 traders got liquidated, losing $1.5 billion.
Traders who had long positions on XRP have lost $57.43 million as the coin’s bullish momentum weakens. Meanwhile, $49 million worth of longs on Cardano and Tron have been liquidated. Bitcoin accounts for most of the liquidations, with $189.17 million lost.
Recovery Rallies Are Coming, Say Analysts
While the latest price drops underscore the extreme volatility that dominates the crypto markets, several analysts argue that these massive pullbacks are common in the bull markets and are likely to be followed by significant recovery rallies as fresh capital enters the market in the coming days.
In an X post, Mudrex CEO Edul Patel said on Tuesday morning that Bitcoin’s price was dropping due to increased profit booking after the coin hit $100,000. He is, however, optimistic that the selling pressure will not cause BTC to plunge below $90,000 and foresees the asset crossing $100,000 after December 18th, when the US central bank is expected to reduce interest rates by 25 bps.
