Crypto Market Slump: XRP, SOL, DOGE, and ADA Post Double-Digit Losses as Bitcoin Drops Below $100k

The cryptocurrency market took a sharp downturn on Monday morning, wiping out $850 million in liquidations within 24 hours.

The cryptocurrency market experienced a steep sell-off on Monday morning, with a total of $850 million in liquidations over 24 hours.

Ripple’s XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) faced double-digit losses, while Bitcoin (BTC) fell below a key psychological level of $100,000.

Crypto Market Slump

Bitcoin’s 5.7% drop to $98,528 triggered $247 million in long liquidations. XRP’s 11% decline brought it to $2.77, Solana dropped 12% to $223, and Cardano slid 10.7% to $0.8772. Even meme coins like Dogecoin faced the brunt, losing 11.2% of their value.

The broader market showed no respite, with all top 50 cryptocurrencies, excluding stablecoins, recording losses. Ethereum (ETH) also saw a 7.4% decline in 24 hours and a 9.2% decrease over the week.

Liquidation Impact

CoinGlass data revealed that over 316,000 traders were liquidated, with a single BTC whale losing $98.46 million in one trade on HTX.

What’s Next

The sell-off precedes the U.S. Federal Reserve’s FOMC meeting on January 28-29, where interest rate decisions could impact market sentiment.

Meanwhile, analysts like Credible Crypto view the drop as a healthy correction rather than the beginning of a prolonged bear market.

Despite the downturn, bullish sentiment continues to prevail, with institutions like MicroStrategy and World Liberty Financial still accumulating cryptocurrency.