Cryptocurrency prices have taken a significant hit, with Bitcoin, Ethereum, XRP, Dogecoin and Solana all suffering major losses. After briefly hitting an all-time high of over $108,000, Bitcoin fell 7% to $97,000 in a single day. Ethereum fell almost 12% to trade at $3,422, while XRP saw a similar decline, down 11% to $2.22. Dogecoin, the popular meme coin, fell 20% to end up at $0.31. Solana, another major altcoin, fell below the $200 mark, falling 12% to $191. These losses are part of a larger correction in the crypto market that resulted in a 9% decline in the entire sector.

The downturn comes after Federal Reserve Chairman Jerome Powell’s recent comments on 2025 inflation forecasts unsettled markets. Powell’s comments that inflation may be higher than expected and that interest rates are likely to stay high for longer led to a broad sell-off in risk assets, including cryptocurrencies. Meme coins like Dogecoin, which are known for their sensitivity to macroeconomic news, were hit particularly hard. Dogecoin price plunged 12.4% and trading volume increased 67%, indicating panic among holders. Nevertheless, Dogecoin remains one of the largest cryptocurrencies by market capitalization, valued at $46.6 billion.

The market also saw massive liquidations, with over $1.2 billion worth of crypto positions wiped out in just 24 hours. Long positions accounted for the majority of liquidations, with a total value of $1.07 billion. The largest single liquidation order on Binance was worth nearly $16 million. Additionally, Binance recorded $83 million in outflows, showing a broader trend of selling pressure across exchanges.

Other cryptocurrencies, including XRP and Cardano, also suffered significant losses. XRP, for example, saw a 10% decline, while Cardano lost 15.7%. These declines were part of a broader downturn that affected most of the altcoin market. Meme coins like Shiba Inu and Bonk also saw significant losses, down 23.3% and 22.5%, respectively.

Despite the sell-off, some altcoins are still gaining attention. One notable exception is Fartcoin, a meme coin that has gained 71% in the past week and is up 323% for the month. However, these gains are rare and the general crypto market sentiment remains pessimistic. With Bitcoin falling below $100,000, the broader market is showing signs of vulnerability and analysts are closely watching further developments.