Overview:
- Bitcoin fell 2.44% to $107,721.81 but held above $100,000, a key psychological support level for traders.
- Altcoins like Ethereum, Solana, and BNB faced sharper losses, while XRP showed relative strength after Evernorth’s $1 billion public listing news.
- Market consolidation continues as profit-taking and uncertainty weigh on sentiment, but strong trading volumes suggest active investor participation.
Crypto prices today showed bearish sentiments as Bitcoin and major altcoins traded into the red. Bitcoin fell 2.44% to $107,721.81, while Ethereum dropped nearly 5% at press time, signaling broad market weakness. Despite strong trading volumes, profit-taking and uncertainty weigh on sentiment. Hence, leaving investors to watch key support levels and market developments like Evernorth’s XRP plans and regulatory updates. Let’s see what happened in the crypto market today based on CoinMarketCap data.
Bitcoin Price Below $108,000
price was at $107,721.81, down 2.44% in the last 24 hours. Despite the decline, BTC had a market capitalization of $2.14 trillion with a trading volume of $62.1 billion in the past day. The digital gold remains above the $100,000 psychological level, although traders are watching closely if this support will hold or not.
Ethereum Price and Top Altcoins Display Steeper Drops
at $3,849.04 with a fall of 4.89% over the last 24 hours. ETH’s market cap was $464.5 billion with daily trade volume of $37.9 billion. The bigger fall in Ethereum price than Bitcoin indicated higher selling pressure on altcoins.
Solana price declined 4.44% to $183.36, with market cap of $100.2 billion and strong trading volume of $5.87 billion. XRP price was holding fairly well at $2.42, down only 0.50%. This strength arrives as big news surfaces regarding XRP-related institutional activity. With a market cap of $145.5 billion, XRP is still the fifth-largest cryptocurrency.
BNB dipped 5.36% to $1,063.69, one of the day’s bigger losses among leading cryptocurrencies. Cardano (ADA) price was at $0.6399, a 3.51% fall, while Dogecoin (DOGE) traded at $0.1932 after a 3.57% drop.
such as Tether (USDT) and USD Coin (USDC) were holding steady at $1, while TRON (TRX) was down 1.25% at $0.3176.
Why is Crypto Market Down Today?
The crypto market decline today seems to be part of a general consolidation following recent improvements. Some of the reasons for the selling pressure could be profit-taking by those who purchased at lower prices and overall market uncertainty.
Technical charts indicate that Bitcoin might be probing important support levels, which tends to make the rest of the cryptocurrency market more volatile. Altcoins usually follow Bitcoin when it comes under pressure, as we are witnessing with crypto prices today.
Crypto News: Key Developments Shaping the Market
Ripple-Associated Evernorth Seeks $1 Billion Public Listing
Evernorth Holdings, which is a digital asset firm related to Ripple Labs, announced it would go public via a merger with Armada Acquisition Corp. II. The agreement might raise more than $1 billion in total funds.
Japan-based SBI Holdings is injecting $200 million, with others providing support from Ripple, Pantera Capital, Kraken, and GSR. The firm intends to use this cash to create one of the world’s biggest XRP treasuries by buying the digital currency on the open market.
Once the merger is final, the company will list on Nasdaq under the symbol XRPN.
Evernorth CEO Asheesh Birla explained that this step is meant to accelerate XRP adoption and provide investors with a method to participate in XRP exposure via traditional stock markets. News like this may be the reason behind the XRP price displaying stronger than other leading cryptocurrencies today, although the general market is weak.
Jack Dorsey Sparks Bitcoin vs. Crypto Debate
Twitter creator Jack Dorsey declared ‘Bitcoin is not crypto’ on social media. The post drew more than 4,000 comments from crypto community members arguing over whether Bitcoin fits into the larger universe of cryptocurrency.
Dorsey noted that Bitcoin’s 2008 original white paper never uses the word ‘crypto,’ but rather calls it ‘electronic cash’ and a cryptographic proof-based payment system. He was suspected to be a part of the development of Bitcoin. However, in a 2020 interview, Dorsey denied being Satoshi Nakamoto, the founder of the world’s larget cryptocurrency. The debate highlights ongoing discussions about whether Bitcoin should be viewed separately from other cryptocurrencies.
Andrew Cuomo Targets Crypto in NYC Mayoral Campaign
Former Governor of New York Andrew Cuomo makes cryptocurrency and artificial intelligence the main pillars of his campaign to succeed as New York City’s mayor. His proposal involves positioning NYC as the ‘world hub of the future’ for blockchain, AI, and biotech sectors.
Cuomo talked about establishing a chief innovation officer role to drive investment and employment. He would also establish an Innovation Council with three advisory panels on crypto, AI, and biotech. The Council would help shape adoption, workforce training, and ease regulatory hurdles on nascent sectors. If enacted, this would make New York City a friendlier crypto hub, which in turn would grow institutional adoption.
Market Outlook
Crypto prices today indicate consolidation following recent rallies, something common in a volatile market. Investors need to monitor key support points, particularly Bitcoin’s $100,000 mark. The Evernorth news indicates increasing institutional appetite for XRP, and regulatory clarity in major cities such as NYC could give long-term tailwinds to the broader market.
FAQs
1. Why has the crypto market dropped today?
The crypto market has dropped due to the profit-taking after previous rallies and general uncertainty in the markets today. In particular, Bitcoin declined 2.44% accompanied by selling in altcoins, which normally retrace share prices during these corrections.
2. What is the current price for Bitcoin?
The price for Bitcoin right now is $107,721.81 or 2.44% down from 24 hours earlier. While the price has fallen, Bitcoin continues to trade up from $100,000 and large daily trading volume of greater than $62 billion.
3. Why is XRP doing better than other crypto strategies?
The strength with XRP has arisen from the public listing announcement by Evernorth Holdings worth $1 Billion with backers including large institutional investors. So, it is key to supportive XRP’s performance in today’s markets, shifting from a lack of institutional confidence to now further adoption.
4. Will Ethereum recoup losses made today?
Ethereum declined only 4.89%, which is in line with what we have seen with a lot of other altcoins, which are subject to volatility in pullbacks. Whether Ethereum recoups losses really rests on Bitcoin’s immediate price stability and whether more traders are willing to come back into the market. Higher trading volumes would push up prices quite simply.
5. What should investors look out for as prices are down today?
Traders should keep an eye on the price of Bitcoin, in particular $100,000 price mark support, overall trending volume of trades, or announcements out of institutions, to include Evernorth’s XRP listing or pro-crypto proposals coming from New York City’s mayor. All these things will contribute to determine momentum over a short term timeframe.