The crypto market has suffered a massive blow, losing $1 trillion in value within 24 hours, marking its worst day in four months. Key tokens, including XRP, Dogecoin (DOGE), and Cardano (ADA), have recorded double-digit losses amid this widespread selloff.

XRP Leads Market Decline

Ripple-affiliated XRP plunged by 12%, hitting an intraday low of $2.07. Solana, Dogecoin, and Cardano also faced heavy losses, with DOGE down 10.6% and ADA losing 13.4%. Despite these drops, Bitcoin (BTC) fared slightly better, declining 2.6% after briefly surpassing the $100,000 mark earlier this week.

Massive Liquidations Shake Market

Crypto analytics platform CoinGlass reported a staggering $1.76 billion worth of liquidations in the last 24 hours. Most of these were long positions ($1.58 billion), highlighting over-leveraged bets by traders. A record 600,000 trades were liquidated, including one ETH/USDT trade worth $19.69 million on Binance, which accounted for $756.26 million in liquidations.

Ethereum Tops Liquidation Charts

Ethereum (ETH) surpassed Bitcoin in total long liquidations, recording $223 million compared to BTC’s $148 million. XRP, Solana, and Dogecoin also featured prominently, reflecting the speculative frenzy that gripped the market in recent months.

Market analysts warn that fear-driven retail selloffs could deepen losses. However, crypto analytics firm Santiment predicts a swift rebound for resilient assets like TRX, AVAX, DOT, and FIL.

As the crypto market reels, investors remain cautious, hoping for stabilisation after this sharp downturn.