Gains in XRP, SOL, and DOGE pared as Bitcoin fell below $93K - Latest View

Gains in XRP, SOL, and DOGE pared as Bitcoin fell below $93K

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  • XRP and Solana fell 11% respectively, with the top altcoins mirroring Bitcoin's decline.
  • Bitcoin reached $91,700, down more than 6% in 24 hours.
  • While the DOGE index also fell, analysts say it's not worth panicking.

XRP, Solana, and Dogecoin all fell more than 10% as top altcoins mirror Bitcoin's decline from nearly $100,000.

With the top digital assets falling 6% to below $93k, XRP, SOL and DOGE prices followed suit with declines of over 11% for XRP and Solana and over 12% for top meme coin Dogecoin.

BTC declines as momentum fades

The flagship cryptocurrency rose sharply in November and almost pushed to the coveted $100,000 level. Trump's win, immediate interest on ETFs, and interest rate cuts have added to the bullish momentum. Microstrategy Bitcoin buying spree It was another great incentive.

However, despite MicroStrategy's stunning $5.4 billion purchase on Monday, Bitcoin's price has continued to decline since failing to surpass $100,000. This came as the market witnessed a massive $430 million liquidation, with ETFs recording more than $438 million in net outflows. The five-day market streak ended.

Commenting on market expectations, analysts at QCP Capital said: male:

“No Immediate Catalysts: With US holidays approaching and key economic data like tonight's FOMC minutes and tomorrow's PCE report, the market lacks momentum to push #BTC towards $100K. #BTC was extremely overbought after the election , making slowdown inevitable.

BTC has reached lows of $91,700 at the time of writing.

It's not a plane crash

While Bitcoin's downside involves wariness of cascading volatility in the broader market, analysts say it's 'not worth panicking'.

“It's not just Bitcoin. ETH's implied volatility is trending toward a selloff, signaling broader caution. Growing downside risks are poised for more volatility in the days ahead. But is this worth panicking? Not quite. This is not a collapse, Rather, it is a rebound to last week's levels. The market is catching its breath after a strong rise He said.

XRP was trading near $1.32, while Solana fell to $225 and DOGE to $0.37.

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