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Crypto Market Update (March 4): Bitcoin Faces Major Dip, Ethereum, XRP, and Solana Plunge. The cryptocurrency market saw another wave of significant losses today (March 4), with Bitcoin (BTC) falling back to the $83K level, reversing the recent gains made following President Donald Trump’s announcement about the US crypto reserve. Ethereum (ETH), XRP, and Solana (SOL) were also severely impacted, each suffering intraday crashes of 14%-20%. This downturn reflects broader trends in the crypto market, where massive liquidations have triggered a wider market collapse.
Why BTC, ETH, XRP, and SOL are Struggling in the Market
According to reports from CoinGape, the crypto market crash can be attributed to Bitcoin’s exposure to challenges related to CME gaps and liquidity setbacks across various coins. As a result, the cryptocurrency sector has lost nearly 10% of its value, with the global market capitalization standing at $2.76 trillion. Coinglass data also revealed that in the past 24 hours, liquidations surpassed $1 billion, intensifying the pressure on Bitcoin, Ethereum, XRP, and Solana despite the bullish optimism sparked by Trump’s crypto reserve announcement.
Bitcoin’s Price Retracts After Brief Rally
Bitcoin (BTC) saw its price fall back to $83,738, marking a near 10% drop in the last 24 hours. During this period, Bitcoin touched an intraday low of $82,467.24 and a high of $93,664.05. The crypto market’s volatility can be attributed to $396.16 million worth of Bitcoin liquidations over the past day. Despite this, Bitcoin’s market dominance still rose by 0.68%, reaching 60.40%, indicating that altcoins bore the brunt of the downturn in the broader market.
Ethereum Price Faces 15% Decline
Ethereum (ETH) faced a sharp downturn, with its price plummeting by nearly 15%, reaching $2,076. The coin’s intraday price fluctuation saw a low of $2,004.21 and a high of $2,453.65. Ethereum’s struggles align with $209.58 million in liquidations over the past 24 hours. Ethereum’s market dominance has dipped to 9.1%, mirroring the overall sector volatility that has weighed on its performance.
XRP Drops 18% in 24 Hours
XRP was hit hard by the market crash, shedding 18% in the past 24 hours and trading at $2.29. The coin’s price fluctuated between a low of $2.23 and a high of $2.82. XRP’s decline is consistent with $62.88 million in liquidations in the past day, adding to the broader losses seen in the cryptocurrency market.
Solana Experiences a 20% Plunge
Solana (SOL) had the hardest hit among the top altcoins, with its price plummeting 20%, trading at $136. The intraday price range for Solana was between $134 and $170, with $70.55 million worth of liquidations recorded. The intense volatility in Solana’s price mirrors the broader turbulence within the crypto sector.
Meme Coins Reflect the Broader Downtrend
Meme coins also mirrored the overall market trend, with Dogecoin (DOGE) crashing over 15%, dropping to $0.1917. Shiba Inu (SHIB) followed suit with a 13% decline, hitting $0.00001260. Pepe Coin (PEPE) also fell sharply by 18%, reaching $0.000006907. Overall, the meme coin market is experiencing significant losses, with DOGE alone recording over $20 million in liquidations today.
Top Gainer and Loser Cryptos
Among the top gainers in the crypto market today are Pi (PI), PAX Gold (PAXG), and Tether Gold (XAUt), all of which saw positive 24-hour gains. However, several assets faced steep losses, with Cardano (ADA) down 25%, Sonic (S) dropping by 25%, and Official Trump (TRUMP) falling by 23%.
Market Outlook: Uncertainty Prevails
The current market sentiment remains volatile and uncertain. Despite a strategic crypto reserve announcement from Donald Trump, the market continues to grapple with extreme fluctuations, with investors bracing for further uncertainty. The broader market correction suggests that the bullish sentiment triggered by the crypto reserve news may be short-lived, leaving many to wonder about the future trajectory of cryptocurrencies in the face of ongoing volatility.
