Altcoins Bleeding – XRP Down 11%, ETH 8%

In today’s crypto market crash, alternative coins lead the dip.

Top alternative coins declined today after the crypto market lost about $80 billion in market cap, plunging to $1.52 trillion from $1.6 trillion. Polkadot, Dogecoin, Ethereum, SHIB, Theta, Bitcoin Cash, Solana, Ripple, and Chainlink rank top on the causalities list.

XRP was the main loser, dipping by 11% to trade at 70 cents since yesterday. It seems like the promising signs from its lengthy battle with SEC are not adequate to save the digital coin.

In 2020 December, the United States Securities Exchange Commission charged Ripple on claims that the network was selling XRP without a license. Ripple won the discovery motion that forced SEC to produce multiple core documents, including worker emails related to the regulator’s internal protocols on Ethereum and Bitcoin. The court gave SEC more time to reveal the documents.

Ethereum, the world’s favorite alternative coin, risks falling beneath $2,000 at the moment. ETH precariously sits at $2,055 after losing 8.07% since yesterday. Keep in mind that the asset has been struggling to reach new highs since its former $4,165 peaks.

Also, the news on Friday that Grayscale, a digital asset firm, might include Solana in its investments inventory did little to help SOL from backsliding. Keep in mind that Solana ranks 15th by market cap. The alternative coin trades at $31.76 after a 12.31% drop.

Polkadot’s DOT had seen impressive runs over the past week after the Coinbase Pro listing. As a result, the asset was 16% up on Wednesday. However, DOT is 9% down today, trading at $19.16.

Market players referred to SHIB as ‘Dogecoin killer’ last month after the meme coin surged meteorically to top-20 crypto coins by market cap. Shiba Inu dropped today, losing 10% to trade at $0.00000729. Keep in mind that SHIB managed to acquire Binance listing, aiming at Coinbase Pro for now.

Alternative coins have experienced a hard hit in today’s market crash. That comes after Bitcoin lost 5.7% over the past day.

Do you have any views on the current crypto market outlook? Will the overall market recover its record high? After how long? Feel free to utilize our comment section for your views.

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