Cryptocurrency Market Sees Significant Rollercoaster Movements

Key Points

1. Bitcoin (BTC) retreated from its weekly peak of $120,000 to $116,000, marking a 3% decrease, while altcoins like XRP, DOGE, and SOL fell by approximately 5% in 24 hours.

2. XRP and DOGE dropped by around 18%, and SOL declined by 12% from their peaks on Wednesday, with the CoinDesk 80 Index falling 10% from its weekly high.

3. Ether (ETH) traded 4% below its weekly peak, attributed to steady accumulation in crypto strategy firms' wallets.

4. CoinGlass’ Altcoin Season Index dropped from 59 to 41, indicating a potential end to the altcoin season.

5. Coinbase’s Head of Research noted that excessive leverage in derivatives trading led to rapid depreciation in the altcoin market, with the Altcoin Open Position Dominance indicator rising to 1.6.