Global Cryptocurrency Market Suffers Significant Losses Despite Bitcoin Holding Steady

Bitcoin Holds Steady, but ETH, XRP, and ADA Price Drop Hard

The global crypto market has taken a sudden hit, with the total market cap plummeting by over $66 billion in just 24 hours. While Bitcoin (BTC) remains steady above its key support level of $117,200, other top cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) have been severely impacted.

The decline is largely attributed to profit-taking following last month’s impressive gains, as well as liquidations triggered by the sudden shift in sentiment. The uncertainty surrounding the upcoming Federal Reserve meeting has also created a cloud of doubt over the cryptocurrency market, causing many investors to reassess their positions and take profits.

Furthermore, the news of delayed decisions on key Bitcoin and Solana ETFs from the U.S. Securities and Exchange Commission (SEC) has left many hoping for institutional investment in the space feeling disappointed, leading to further selloffs.

Bitcoin is expected to continue its consolidation around $118,000 as investors wait with bated breath for clarity on interest rates and economic outlook. A potential breakout above $120,000 could potentially reignite the bullish momentum we saw last month.

In stark contrast, however, Ethereum, Ripple, and Cardano have all experienced significant losses. The value of these cryptocurrencies has dropped sharply due to the factors mentioned above, leaving them exposed to further selling pressure.

Source: coinpedia.org