Bitcoin plummeted more than 3.5% from its peak on Sunday, triggering a broader market decline. The token fell from $98,500 to as low as $95,500 before recovering. Despite the drop, markets largely recovered during early Asian hours Monday, bringing down 24-hour losses to under 2%. However, over $500 million in crypto-tracked futures liquidations occurred on Sunday, primarily affecting smaller altcoins and midcap futures.
XRP and DOGE led major declines, falling more than 5% each. Solana’s SOL, ether (ETH), Cardano’s ADA, and BNB fell between 2%-5%, before recovering during early Asian hours Monday. The CoinDesk 20, a broad-based liquid index tracking top tokens, is down 1.48% in the past 24 hours.
Analysts remain optimistic about Bitcoin reaching $100,000, citing institutions buying ETFs as a key indicator of demand. Jeff Mei, COO at crypto exchange BTSE, stated that hitting the $100k mark is “very likely” and institutions will continue to buy into Ethereum and Solana ETFs once approved. Market sentiment remains positive despite the pullback, with traders considering it an opportunity for long-term gains.
Cryptocurrency markets have experienced significant volatility in recent days, but experts predict a continued rally due to increasing institutional investment and supportive market conditions.
Source: https://www.coindesk.com/markets/2024/11/25/xrp-doge-lead-crypto-losses-as-weekend-bitcoin-pullback-causes-500-m-liquidations