Altcoins experienced a significant downturn today, with major cryptocurrencies like Ethereum (ETH), XRP, Litecoin (LTC), and Bitcoin Cash (BCH) all posting notable losses. This decline coincides with Bitcoin (BTC) retreating from its recent highs, suggesting a broader market correction.
Bitcoin, which had recently approached the $100,000 milestone, saw its price drop by approximately 1.5%, settling around $98,008. This pullback appears to have influenced the altcoin market, leading to more pronounced declines among other cryptocurrencies.
Ethereum, the second-largest cryptocurrency, fell by nearly 5%, trading at $3,754.93. XRP experienced a sharper decline of 10.8%, bringing its price down to $2.23. Litecoin and Bitcoin Cash also suffered, with losses of 15.8% and 8.1%, respectively.
Market analysts suggest that these movements may be part of a typical market correction following Bitcoin’s rapid ascent. As Bitcoin’s dominance in the market shifts, altcoins often experience heightened volatility. Investors are advised to monitor market trends closely and consider the inherent risks associated with cryptocurrency investments.
