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The cryptocurrency market is currently enduring an extremely severe correction.
XRP has emerged as the worst performer among the top 100 leading cryptocurrencies, collapsing by more than 20%.
The Ripple-linked token is now on the verge of falling below Circle's USDC stablecoin by market capitalization.
The controversial token is now down nearly 70% from the record peak of $3.65 that was reached last July.
No safe harbor
The downturn has also been particularly harsh on privacy-focused cryptocurrencies. Zcash (ZEC) recorded a 19.2% loss, dropping to $213.65. Sector leader Monero (XMR) fell 18.5% to trade at $310.96.
The market-wide sell-off has left virtually nowhere to hide. Not a single cryptocurrency in the top 100 has managed to remain in the green during the current rout (excluding stablecoins).
The downturn has been universal, wiping out gains across every major sector.
However, some altcoins did manage to buck the trend with relative strength.
Hyperliquid (HYPE), the decentralized exchange token, showed notable resilience, dropping by less than 4%. It has been boosted by a recent Coinbase listing.
TRON (TRX), Toncoin (TON), and some other major tokens have also logged less severe drops.
Tomiwabold Olajide
Arman Shirinyan
Godfrey Benjamin
Gamza Khanzadaev