Top Altcoins Plunge 10% as Crypto Market Faces Selling Pressure

The altcoin market is experiencing significant selling pressure as concerns over trade tensions escalate. Major cryptocurrencies such as Ethereum, Ripple, Solana, and Dogecoin have dropped by 8-10%, contributing to a broader crypto market crash.

The total liquidations in the crypto market have reached $952 million in the last 24 hours, driven by tightening liquidity and the strengthening US Dollar.

Key Developments

• Ethereum price has declined over 9% today, trading at $2,131, with a market cap of $256 billion.
• Over the past week, Ethereum has fallen more than 25%. Similar declines are noted for XRP, Cardano, Solana, and Dogecoin.
• Ethereum's price has decreased nearly 50% since December 17, nearing the $2,000 mark.
• An Ethereum whale exited their position after two years, selling 2,334 ETH at $1,815 and later redepositing 2,375 ETH for a profit of approximately $660,000.

Market Recovery Potential

• Analyst Captain Faibik suggests a potential bullish breakout based on a technical pattern observed in the altcoin market.
• Merlijn The Trader compares current market conditions to the 2017 cycle, hinting at a possible upcoming rally.