The cryptocurrency market experienced a notable downturn today, with altcoins broadly declining as Bitcoin pulled back from the rally. Leading altcoins XRP and Solana (SOL) each saw significant drops of approximately 5%, reflecting a cautious market sentiment amid macroeconomic uncertainties and shifting investor dynamics.
In the past 24 hours, Bitcoin (BTC) fell 1.39% to $102,700.46 while marking a weekly high above $105K on May 12. Its trading volume has also shrinked 8% today.
After briefly surpassing $105,000 earlier this week, Bitcoin faced resistance at the $103,000 level, triggering profit-taking and a subsequent ripple effect across the broader crypto market. Analysts attribute the retreat to a combination of factors, including anticipation around the weekly closing and $3.1 billion of options expiry.
Altcoins Fell in Market Reaction
In a bearish reaction, XRP dropped to $2.47, a 5% decline from its daily high. Despite earlier bullish momentum driven by speculation around spot XRP ETF approvals and Ripple’s expanding partnerships, XRP price struggled to maintain support above $2.60.
Technical analysts point to a bearish pattern, with XRP trading below its 50-day exponential moving average (EMA), signaling potential further downside if support at $2.44 fails.
Solana (SOL) mirrored XRP’s decline, falling to $170, down 5.44% in the last 24 hours. Solana’s price action reflects a broader correction in high-performance blockchain tokens, with the $165-$170 level now acting as a critical support zone.
Other major altcoins, including Ethereum (ETH) and Binance Coin (BNB), also faced losses. Ethereum dipped to $2,550, a 2.43% decline, while BNB fell to $650, down 2% in the past 24 hours.
Trending Crypto Today
- NXPC (NEXPACE)
- PENGU (Pudgy Penguin)
- CVC (Civic)
- ATH (Aethir)
- PI (Pi Coin)
Top Gainers Today
- KCS (KuCoin Token): +3%
- BGB (Bitget Token): +2%
- XMR (Monero): +2%
- LEO (UNUS SED LEO): +1%
Top Losers Today
- PI (Pi Coin): -24%
- BRETT (Brett): -12%
- FARTCOIN (Fartcoin): -11%
- TIA (Celestia): -11%
- JUP (Jupiter): -11%
As per CoinMarketCap data, the crypto market cap today sits at $3.29 trillion with a 24 hour trading volume of $117.73 billion.
Also read: Bitcoin and Ethereum Pull Back Ahead of $3.1B in Option Expiry
