Crypto Bulls Get Rekt as Ethereum, XRP Fall Harder Than Bitcoin

The price of Bitcoin dipped below $95,000 on Friday for the first time in six months, but the altcoin market has fared much worse, and traders who bet on rising prices have been wiped out by widespread liquidations.

ethereum— the second largest digital coin — fell below the $3,100 mark before Friday and was recently trading at around $3,200 after a dive of nearly 7% in 24 hours. This makes it one of the worst-performing major cryptocurrencies of the day, according to CoinGecko data.

The price of the coin is now more than 35% below its August record of $4,946.

An even bigger loser, however, has been Solana: After the fall of more than 8% in a period of 24 hours, the coin was priced at $ 142 on Friday morning New York time.

U Solana price dip comes despite solid flows in new funds exchanged it gives investors exposure to the asset. Since its debut on October 28, the funds have raised money from investors every day, according to data from Farside Investors.

But it is not enough to support the price of the sixth largest digital currency. Solana is now more than 52% below its January record of $293.

XRPthe fourth largest digital asset, also submerged, sheds about 8% of its value in one day. The coin, which also this week became available to American investors via a new spot ETF, was recently exchanged hands for $2.30.

Traders who bet on the future price of cryptocurrencies also lost money, as their positions were liquidated: CoinGlass data shows that $1.36 billion in futures positions were closed over the past 24 hours. The vast majority of these positions were long positions – $1.21 billion.

The overall crypto market is down more than 4% to $3.35 trillion, according to CoinGecko. Bitcoin returned to around $96,000, but remains down around 6.5% on the day.

Experts said Decrypt that the industry is currently in a bear market, with a drop in institutional demand due to macro and geopolitical uncertainties – and so far, crypto has had one of its worst performances of the fourth quarter.