The cryptocurrency market was drowned overnight in a red wave as all major coins erased all gains made when U.S. President Donald Trump won the 2024 presidential elections.
All of the Top 10 largest crypto assets by market cap on CoinGecko were in the red late Monday as a broader financial market dip roiled crypto prices.
$BTC Suffers Major Dip
Bitcoin, the world’s largest crypto by market value, traded as low as $76,700 at one point Monday night before gradually climbing to $79,000.
The last time the top crypto asset traded at $75,000 was November 7, before multiple media outlets reported that Trump had won the U.S. presidential elections.
Since then, the digital coin saw multiple surges and logged succeeding all-time highs (ATH). Its current ATH sits at $108,700.
Bitcoin started a dramatic downtrend in mid-February, when it fell below $100,000 and struggled to leave the red. Since then, the digital currency has made small gains but was pummeled further by Trump’s trade war.
Being the king of crypto and the unchallenged market cap leader that once joined big tech giants in the $2 trillion club, Bitcoin’s price action in recent days was mimicked by other major altcoins, including second-best Ethereum (ETH).
$ETH Loses Hard-Earned $2K
Ethereum has faced many challenges throughout the years – from struggling to get past the constant comparison with Bitcoin to the difficult, multi-year road back to $2,000.
The world’s second-largest crypto asset tumbled to $1,800 Monday night, representing an 11.2% plunge in the last 24 hours.
The coin has also been down by over 15% in the last week and its seven-day chart is very similar to that of Bitcoin.
$XRP Makes Painful Slide Below $2
The XRP Ledger’s native crypto token has had a storied rise to the Top 3 of the world’s most valuable digital currencies.
From once overthrowing Ethereum to pose a challenge to Bitcoin in the top spot, XRP has now plunged below $2 and traded as low as $1.92 at one point Monday night.
It took a seven-year journey for XRP to reach $2 again, making its Monday night plunge below the said number a painful blow to the XRP Army.
Why is Crypto Down?
All other coins on the CoinGecko Top 10 are in the red as of early Tuesday, including major players Solana (SOL) and Cardano (ADA).
While various factors have affected crypto market downturns over the years, Monday’s huge hit appears to have been a broader impact from the U.S. stock market falling Monday.
It remains to be seen whether crypto will soon recover as it has done in the past.
The post Crypto Erases Trump Bump: Bitcoin Plummets To $77K, Ethereum Below $2K, $XRP Under $2 appeared first on International Business Times.
