XRP, Solana, and Dogecoin Retrace More Than 10% Each as Top Altcoins Mirror Bitcoin’s Pullback From Near $100k

XRP, Solana and Dogecoin have retraced more than 10% each as top altcoins mirror Bitcoin's pullback from near $100k.

Bitcoin price dropped sharply on Wednesday as the top digital asset encountered strong resistance near the $100,000 level following Donald Trump’s win in the Republican presidential primary.

As reported, BTC price nearly touched the $100k level last week as Trump’s strong performance in the primaries and the approval of spot digital asset exchange-traded funds (ETFs) fueled a buying frenzy.

But despite MicroStrategy announcing an additional $5.4 billion BTC purchase on Monday, the cryptocurrency encountered strong selling pressure at $99,700 levels. This came as the broader market faced a huge $430 million liquidation and ETFs recorded over $438 million in net outflows. The development ended the market’s five-day streak.

Commenting on the market outlook, analysts at QCP Capital noted:

“No immediate catalysts: With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. #BTC was extremely overbought post-election, making a cooldown inevitable.”

At the time of writing, BTC had touched lows of $91,700.

Bitcoin price drop not a ‘crash’

While Bitcoin’s downside move had some traders worried about the volatility spilling over to the broader market, analysts at Chainanalysis noted that the price drop is “not panic-worthy.”

“It’s not just BTC. ETH’s implied volatility skews toward puts, signaling broader caution. Growing downside risks have many bracing for more volatility in the coming days. But is this panic-worthy? Not quite. This isn’t a crash—it’s a retracement to last week’s levels. The market is taking a breather after a strong rally,” the analysts said.

Meanwhile, XRP price had dropped to $1.32, while Solana had slipped to $225 and Dogecoin to $0.37.