The crypto market is taking a short-term bearish outlook with Bitcoin (BTC) and altcoin prices losing massive gains picked up last week. This follows the Artificial Intelligence (AI) battle between the United States and China. While Bitcoin price plunged to $98k, altcoins posted larger declines compared to the previous week.
Altcoin Traders Fight For Support
Crypto assets record flash liquidations across the board as macroeconomic conditions flip bearish. Ethereum (ETH) traders saw a massive sell-off earlier on before spilling to other altcoins, intensifying low momentum. The total crypto market is down 6.25% to $3.37 trillion alongside trading volumes, highlighting a bad start to the week.
ETH’s price stands at $3,062, narrowly above the $3k mark after plummeting 8% in seven days and 7.2% in the last 24 hours. Ether’s weak numbers came alongside bearish movement from Bitcoin bulls. Ethereum whales began massive offloads, ushering in a red wave among altcoins.
XRP saw double-digit outflows in the last 24 hours after last week’s consolidation. The price drop below $3 continues rapidly as volumes weaken across major exchanges. The altcoin is down 10.28% today and 14% in saved days, showing low institutional numbers despite strong projections.
This year, XRP has taken leaps ahead of other altcoins on the heels of institutional demand. Investors anticipate the approval of spot XRP ETFs alongside other products. Overall, the past day has seen 185,764 crypto traders face liquidation, with figures hitting $515 million.
Solana Holders Point At Recovery
Solana (SOL) and Cardano (ADA) dropped 10.5% and 11%, respectively, falling short in decentralized finance numbers. Solana, which is tipped as an institutional favorite in expectation of a spot ETF, faced setbacks in recent weeks due to price corrections. However, a portion of whales ramped up accumulations in expectation of an upward swing. Crypto enthusiast Ito highlighted the possibility of SOL making big moves to regain momentum.
“You can call it a crime chain or memecoin chain, but the reality is holding $SOL has outperformed almost every blue-chip altcoin. Whether it’s a USD pair or a BTC pair, SOL is looking primed for a big move. I can certainly see SOL going above $500 this cycle.”
On the other hand, meme coins recorded a massive selloff, with bulls dumping assets. Despite the decline of altcoins, traders believe a reversal is on the cards as positive signals emerge from the United States market.
