Crypto Market Sees Red: Altcoins Drop as Bitcoin Holds $95K

The cryptocurrency market has taken a hit, with the average price of digital assets dropping by more than 2% in the past 24 hours.

The cryptocurrency market experienced a downturn on Monday, with the average price of digital assets decreasing by over 2% in the past 24 hours, according to CoinGecko. While Bitcoin remained relatively stable, hovering around $95,000, several altcoins suffered significant losses.

Here are the top five worst-performing cryptos of the day, according to data from CoinGecko:

1. Dogecoin (DOGE): down 7.4% at $0.14.

2. Shiba Inu (SHIB): down 6.9% at $0.00004.

3. Litecoin (LTC): down 5.3% at $283.04.

4. Chainlink (LINK): down 4.9% at $34.07.

5. Stellar (XLM): down 4.6% at $0.64.

The sharp decline in altcoin prices has left investors wondering what is causing the latest market downturn.

Several key factors are contributing to the market slump.

Investors are eagerly awaiting the U.S. Securities and Exchange Commission’s (SEC) decision on new crypto ETFs. However, the lack of approvals is creating uncertainty, which is evident in the pausing of buying activity and fresh investments.

Many investors are cashing in on the gains made during the last bullish rally, triggering sell-offs that put downward pressure on prices.

The recent $1.4 billion hack on Bybit has raised security concerns within the crypto community. Major exchange breaches often lead to panic selling as traders worry about the safety of their assets.

While Bitcoin has remained resilient at $95K, the broader market sentiment appears shaky. Whether this is a temporary correction or the start of a larger downturn remains to be seen. Investors will be watching for any developments on SEC ETF approvals and security measures following the Bybit hack to gauge where the market heads next.