The cryptocurrency market faced significant declines today as Bitcoin fell below $113,000, XRP lost key support, and Cardano (ADA) tumbled by 7%. The downturn follows a period of relative stability, with nearly all major digital assets showing red on daily charts.
Crypto Market Drops: Bitcoin Dips Below $113,000
Bitcoin’s brief recovery attempts were short-lived as the leading cryptocurrency dropped below $113,000 for the first time since early August. During the weekend, Bitcoin hovered near $117,500, but selling pressure intensified as the new week began. Monday saw Bitcoin hit an 11-day low around $115,000, with further losses coming after high-profile political meetings. By Tuesday evening and into Wednesday, Bitcoin plunged below $113,000, marking its lowest level in roughly three weeks as market fear increased among investors.
Although Bitcoin has managed a slight rebound to nearly $114,000, it remains in negative territory for the day. Its market capitalization has decreased to approximately $2.265 trillion, and its dominance over alternative cryptocurrencies continues to sit below 58%. For a detailed look at Bitcoin’s recent price action, see the latest charts from CoinDesk.
Altcoins Feel the Heat: ADA and XRP Take a Hit
The crypto market drop has impacted most major altcoins. Ethereum (ETH) slipped toward $4,200, reflecting a 1% daily loss. Other notable coins such as Binance Coin (BNB), Dogecoin (DOGE), Hype, Stellar (XLM), and Sui (SUI) also registered declines. Chainlink (LINK) was a rare exception, managing a modest 3% gain.
XRP, the popular payments token, fell below the crucial $3.00 support, dropping to $2.90 after a 4% decrease. This move erodes confidence in XRP’s short-term bullish outlook. Cardano’s ADA was hit even harder, plunging over 8% and now struggling to hold above $0.85. These declines reflect widespread bearish sentiment throughout the digital asset space.
On the positive side, a handful of coins, including Solana (SOL), TRON (TRX), LEO, and Toncoin (TON), managed to secure minor gains, but these were exceptions in an otherwise negative market landscape.
Crypto Market Drops: Total Market Capitalization Sinks
As a result of this broad downturn, more than $70 billion was wiped from the total cryptocurrency market capitalization overnight, bringing the figure down to $3.92 trillion, according to CoinGecko. This rapid contraction highlights the volatility and sensitivity of the market to global events and investor sentiment.
Conclusion: What’s Next After the Crypto Market Drops?
The recent crypto market drops have intensified bearish momentum, particularly for Bitcoin, XRP, and ADA. Analysts and investors will be watching closely for signs of stabilization or further declines. With market sentiment leaning toward caution, traders are advised to monitor key support and resistance levels for the major coins.
For ongoing updates on the crypto market, follow leading industry news sources and keep an eye on global economic developments influencing digital assets.
