Altseason over? Major altcoins turn red, XRP drops 20% in 24hours

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$3.4 billion liquidated in 12 hours as Bitcoin, Ethereum, Binance Coin dump double figures

The crypto market has experienced a major dip in the past 24 hours with signs showing that the much-vaunted altseason could be over. Ripple (XRP) fell below $1 in less than 24hours but couldn’t hold below the $1 mark, its lowest level since April 11, on the Binance exchange and It went down 20%.

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XRPUSD Chart. Source: TradingView

What Could Be the Reason for Drop-in XRP?

There are reports that US President Biden controversial tax proposal on April 23 is the cause. Whether this is the main reason is unclear, but, all major cryptocurrencies are at a critical point. Bitcoin is currently at its seven (7) weeks low of $48,767.

Now the XRP token has offset almost all of its gains in April, partly due to Ripple’s minor legal win in the battle with the U.S. Securities and Exchange Commission. Those who bought the highest price on April 14th are now down 55%.

BTC fell from a daily high of over $55,000 to an intraday low of $48,500 (at Bitstamp). This is Bitcoin’s lowest price since early March. In addition, the market value of cryptocurrencies has fallen well below the coveted $1 trillion per day.

Other Altcoins

This bearish movement of the crypto market also caused other altcoins not to increase volatility. As reported by Coin360, Ethereum hit a new all-time high of more than $2,600, a decline of more than $400, and fell below $2,200 in less than 24 hours.

Binance Coin (-16%) fell to $480. A few days ago, the BNB’s trading price was above $600, which is for reference only. Cardano (-17%), Polkadot (-18%), Uniswap (-16%), Litecoin (-18%), Chainlink (-16%) and Bitcoin Cash (-20%).

Even Dogecoin, which performed well on Sunday’s market crash, fell more than 30% to $0.20.

Further losses come from DigiByte (-31%), IOST (-30%), Holo (-30%), Siacoin (-29%), Verge (-28%), BitTorrent (-27%) and Ontology (-25 ))%), Ravencoin (-25%), Theta Fuel (-25%), Chiliz (-25%) etc.