Solana, Cardano Lead Crypto Market Lower as Traders Grapple With Bitcoin Headwinds

Solana’s SOL and Cardano’s ADA fell 5% in the past 24 hours, leading losses among majors. BNB Chain’s BNB was little changed amid demand for launchpads that require the token on the crypto exchange Binance. Dogecoin (DOGE) initially bucked the broader market weakness amid speculation of adoption in an upcoming feature on social application X but has retreated in the past 6 hours.

Bitcoin, the world's biggest cryptocurrency by market value, lost the $41,000 support level early Monday. Traders expect prices to fall as low as $38,000 in the coming weeks, which could lead to more losses in other cryptocurrencies.

Recent downward pressure on bitcoin has been attributed to sales stemming from Grayscale’s GBTC bitcoin exchange-traded fund (ETF), as per some analysts, including Bloomberg’s Eric.

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