Altcoins Bleed Out: Ethereum Plunges 5% as SOL, XRP & ADA Follow in Red May 17 Rout

Crypto markets hit a speed bump today—Ethereum leads the downturn with a 5% drop while Solana, XRP, and Cardano each shed 3%. Traders scramble as altcoins mimic Bitcoin’s sluggish momentum.

Is this a healthy correction or the start of another ’crypto winter’? Wall Street analysts shrug—after all, they’re still busy shorting meme stocks.

Ethereum Drops 5%

Ethereum is currently trading at around $2,485, dipped 5.25% from its daily high, reflecting broader market caution. Analysts attribute the drop to profit-taking after a recent rally and uncertainty surrounding macroeconomic factors, including anticipation of upcoming U.S. Federal Reserve policies.  

Despite the decline, Ethereum’s long-term outlook remains optimistic, with its 30-day moving average showing signs of potential recovery, as noted in recent market analyses.

Solana, XRP, and Cardano Follow Suit

Solana (SOL) fell to approximately $165, down 3% in the last 24 hours, continuing a volatile trend. The altcoin, often dubbed the “Ethereum killer,” has struggled to maintain momentum amid reduced on-chain activity and selling pressure from platforms like Pump.fun. 

XRP is trading at roughly $2.35, seeing a 3% decline in the past 24 hours, with resistance near $2.30 capping its upside. Ripple’s ongoing regulatory developments continue to influence its price action. Cardano (ADA), priced at around $0.76, mirrored the downtrend, dropping 2.5% as investor sentiment waned despite recent ecosystem advancements.

While its weekend, none of the major crypto assets have gained notably. CORE is leading with a decent gain of 3% followed by HYPE and DEXE with nearly 2% spike. On the losing side, Pi Coin is a top loser with it declining 21% while BONK and FLOKI are following with 12% and 9% drop respectively. 

Trending Crypto Today

• SNT (Status)
• FORM (Four)
• ZKJ (Polyhedra Network)
• PI (Pi Coin)
• FRAX (Frax)

Top Gainers Today

• CORE (Core): +3%
• HYPE (Hyperliquid): +2%
• DEXE (DeXe): +1%
• PAXG (PAX Gold): +1%
• LEO (UNUS SED LEO): +1%

Top Losers Today

• PI (Pi Coin): -21%
• BONK (Bonk): -12%
• FLOKI (Floki): -9%
• PENGU (Pudgy Penguin): -9%
• VIRTUAL (Virtuals Protocol): -9%

As per CoinMarketCap data, the global crypto market cap today sits at $3.27 trillion, with a 24 hour trading volume of $103.66 billion. 

Also read: xrp price Eyes $5 as CME Group’s XRP Futures Launch Nears