The cryptocurrency market experienced a sharp correction over the past 24 hours, with Bitcoin (BTC) plunging below $103,000, erasing recent gains. Despite the downturn, XRP outperformed the broader market, posting minor gains while most altcoins turned red.
Bitcoin Rejected at $106K, Dips Below $103K
After a steady climb above $100,000 last week, Bitcoin’s rally peaked near $106,000 following optimistic news around U.S.-China trade negotiations. The bullish momentum was short-lived, as strong resistance triggered a rapid sell-off, dragging BTC to a low of under $101,000 before it staged a modest recovery. Currently, BTC is trading below $103,000, struggling to regain its bullish momentum.
Market-Wide Correction Hits Altcoins
The correction wasn’t limited to Bitcoin. Altcoins saw widespread losses, especially in the meme coin sector. Notably, DOGE, SHIB, PEPE, and WIF all dropped around 10% in value. PI suffered the steepest decline among the top 100 altcoins, crashing by 25% and falling below $1.15.
XRP Holds Strong Amid Sell-Off
While the broader market turned red, XRP defied the trend, recording slight daily gains. The token briefly surged to $2.7 before facing resistance, but still managed to hold above $2.5. This performance makes XRP one of the few major cryptocurrencies to stay green during the latest market correction, signaling strong investor confidence and relative strength.
Market Cap Drops $100B
The total crypto market capitalization has decreased by nearly $100 billion since yesterday, now standing at approximately $3.42 trillion, according to CoinGecko. The sharp dip reflects the broader pullback across digital assets following a week of strong gains.
