Crypto Market Plummets: Ethereum Drops 9%, XRP Falls 8.15%

The crypto market is experiencing a significant downturn, with major coins such as Ethereum and XRP breaking crucial support levels. Ethereum has dropped below $1,800 and is now trading around $1,620, marking a decline of over 9% in just 24 hours. Predictions suggest that Ethereum could fall even further, potentially reaching $1,500 or lower. Similarly, XRP has broken below the $2 level and is currently trading at $1.98, down 8.15% in a single day. This market turmoil is not limited to these major tokens; several other coins have also taken a substantial hit, often going unnoticed.

The current market chaos can be attributed to several factors. One of the primary reasons is the massive profit-taking that has occurred after months of bullish momentum. Additionally, regulatory uncertainty, particularly in the US, has pushed traders to de-risk their portfolios. High outflows and sudden shifts in large wallets have also contributed to the market's volatility. Furthermore, selling pressure from Asia during low liquidity hours has triggered cascading liquidations, exacerbating the situation. These combined factors have led to a significant drop in support levels, causing both top and mid-cap coins to spiral downwards.

Among the hardest-hit cryptocurrencies in the past week are Bittensor (TAO), Worldcoin (WLD), Lido DAO (LDO), Ethena (ENA), and Berachain (BERA). Bittensor, once celebrated for its decentralized AI capabilities, has seen its price drop by 15.61% to $184.12. Worldcoin, despite the prominence of Sam Altman, has continued its downward spiral, with a 14.32% drop to $0.6274. This decline is likely due to ongoing privacy concerns and low adoption rates. Lido DAO, closely tied to Ethereum's performance, has suffered a 14.09% drop to $0.7036 as stakers pull out in response to Ethereum's crash. Ethena, known for its synthetic stablecoin technology, has experienced a 14.03% drop to $0.2743, despite the recent launch. Berachain, still in the early stages of its roadmap, has seen a 13.43% drop to $4.84, reflecting the broader risk-off sentiment in DeFi and Layer 1 tokens.

The crypto crash is having a profound impact, with Ethereum and XRP grabbing the headlines while these altcoins face even more severe losses. The question remains whether this is a temporary dip or the beginning of a longer bearish cycle. One thing is certain: volatility has returned, and no cryptocurrency is immune to the market's fluctuations.