The cryptocurrency market faced a severe downturn this week, with top tokens recording substantial losses and over $1 trillion in value erased within 24 hours. Here’s a breakdown of the developments:

XRP, DOGE, and ADA Take a Hit

Ripple-affiliated XRP plunged 12%, hitting an intraday low of $2.07. Dogecoin (DOGE) and Cardano (ADA) also tumbled, losing 10.6% and 13.4%, respectively, marking one of their worst trading sessions in months.

Bitcoin (BTC), the largest cryptocurrency, showed resilience, losing only 2.6% after briefly crossing the $100,000 threshold earlier this week. Despite its smaller dip, BTC’s influence on market sentiment remains critical.

Massive Liquidations Rock the Market

According to CoinGlass, $1.76 billion worth of crypto positions were liquidated in just 24 hours, with 600,000 trades closed. Binance led with $756.26 million in liquidations, while Ethereum (ETH) surpassed Bitcoin in total longs liquidated, at $223 million compared to $148 million.

Speculative Tokens Among the Worst Hit

Solana, XRP, and Dogecoin emerged as major losers, reflecting the speculative nature of recent trades. Crypto analytics firm Santiment warned of further volatility, suggesting that retail traders’ panic-selling could lead to a rebound in assets like TRX, AVAX, and DOT.

As the crypto market endures its worst day in four months, the road ahead remains uncertain. Analysts advise caution as traders navigate these turbulent times, with potential opportunities in undervalued assets emerging amidst the chaos.