Massive Crypto Funds Vanish as Altcoins Suffer Heavy Losses: Report by Market Watch
In the world of cryptocurrencies, the past 24 hours have seen significant price action, with Bitcoin's dominance over the altcoins increasing and several major cryptocurrencies experiencing notable losses.
The most prominent casualty among the altcoins is Ripple's native token, XRP, which has lost over 11% of its value and dropped below $3.1. This decline can be attributed to several key factors, including aggressive selling on South Korean exchange Upbit, the movement of tens of millions of XRP by Ripple co-founder Chris Larsen to exchanges and wallets, uncertainties surrounding the Ripple vs SEC lawsuit, and technical weakness.
Similarly, Dogecoin (DOGE) has also taken a hit, with a 9% drop in price. The failure of DOGE to break major resistance near $0.128, combined with large holder (whale) selling activity, volume and momentum collapse, and technical sell signals, have contributed to this price drop.
On the other hand, Ethereum (ETH) has remained relatively stable, trading around $3,600. However, other altcoins such as Solana (SOL), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), and Sui (SUI) have also experienced losses in the crypto market.
Bitcoin, after reaching an all-time high (ATH) at over $123,000, has dipped below $120,000 following consolidation. The cumulative market cap of all crypto assets has shed over $100 billion since yesterday's top, now standing at $3.9 trillion. Bitcoin's current trading price is close to $119,000, with its market cap remaining at almost $2.370 trillion.
The recent crash in altcoin prices, particularly XRP and DOGE, has led to a shift in investor preference back to Bitcoin, seen as a more stable asset during times of uncertainty or altcoin turbulence. This rotation has resulted in Bitcoin's dominance rising as capital flows out of altcoins into Bitcoin.
Stay informed about the raging crypto markets by signing up for our daily market update, available for free. Keep a close eye on your investments and make informed decisions based on accurate and timely information.
[1] CoinDesk. (2025, July 23). Ripple's XRP Plunges 15% on Upbit Sell-Off, Legal Uncertainties. Retrieved from https://www.coindesk.com/markets/2025/07/23/ripple-xrp-plunges-15-on-upbit-sell-off-legal-uncertainties/ [2] Cointelegraph. (2025, July 23). Ripple Co-Founder Larsen Moves $175 Million in XRP Amid SEC Settlement Uncertainty. Retrieved from https://cointelegraph.com/news/ripple-co-founder-larsen-moves-175-million-in-xrp-amid-sec-settlement-uncertainty [3] CoinDesk. (2025, July 23). Dogecoin Drops 9% as Market Sell-Off Spreads to Smaller Coins. Retrieved from https://www.coindesk.com/markets/2025/07/23/dogecoin-drops-9-as-market-sell-off-spreads-to-smaller-coins/ [4] Cointelegraph. (2025, July 23). XRP Technical Analysis: Bullish Short-Term Outlook Amid Recent Sell-Off. Retrieved from https://cointelegraph.com/news/xrp-technical-analysis-bullish-short-term-outlook-amid-recent-sell-off
- In the current crypto market, Bitcoin's dominance has increased due to a significant drop in altcoins like Ripple's XRP and Dogecoin (DOGE), which have lost over 11% and 9% of their value respectively.
- The decline in XRP's price can be attributed to various factors such as aggressive selling on Upbit, transactions by Ripple co-founder Chris Larsen, uncertainties surrounding the Ripple vs SEC lawsuit, and technical weakness.
- Similarly, Dogecoin's price drop can be attributed to failure to break major resistance, large holder selling activity, volume and momentum collapse, and technical sell signals.
- Bitcoin, after reaching an all-time high, has dipped below $120,000 following consolidation, resulting in a cumulative market cap of all crypto assets shedding over $100 billion since yesterday's top, now standing at $3.9 trillion.
