In the cryptocurrency market, expectations for the 'Altcoin Season' are rapidly fading as more than 139 trillion won (approximately $139 billion) evaporated in just one day. As BTC failed to break through the $120,000 resistance line and fell again, mid-to-small-sized coins collapsed one after another.
While Bitcoin's recent adjustment was relatively limited, the decline of altcoins was much more significant. Particularly, XRP plummeted over 11%, dropping below $3.1, and major altcoins like Doge, XLM, HBAR, and Pepe also recorded double-digit losses. APT was one of the most severely impacted, falling nearly 16% in a single day.
This sharp decline is interpreted as an adjustment to the price overheating controversy that had been brewing after the recent weeks of altcoin surge. According to the industry, the trading flow of XRP on Upbit seems to have accelerated the downward trend by stimulating anxiety. There are also analyses suggesting that as sell orders for XRP piled up on the exchange, panic selling by investors continued.
Meanwhile, ETH is maintaining a relatively stable position around the $3,600 level, whereas BNB peaked at $800 and then dropped by more than $40 within a day.
The total cryptocurrency market capitalization shrank by about 139 trillion won, settling at approximately $39 billion. Bitcoin's market dominance, which had fallen from 63% to 59% during the altcoin recovery, rebounded by over 1% in this downturn, recovering to the 60% range. Currently, Bitcoin is trading around $119,000, with a market capitalization of approximately $237 billion.
The market is likely to enter a very sensitive phase for the time being. While experts view this as a potential readjustment process for further rebounds following a sustained upward trend, they also warn that additional selling could significantly expand the decline. Investors need to carefully observe Bitcoin's movement and the selling resistance of major altcoins in the coming days.
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