Sharp Slump in Cryptocurrency Prices Today, Sept 23: Bitcoin Drops to $112K, ETH, BNB,SOL, DOGE Dragged Down

The cryptocurrency trading on Tuesday began on a cautious note with Bitcoin (BTC) price at $112,902.63, dipping by 0.93% in the last 24 hours.

"Bears continue to hold a significant grip over the crypto market, including Bitcoin, as the price remains consolidated close to $112,000. On the other hand, the altcoins within the top 10, like Ethereum, XRP, Dogecoin & Cardano, struggle to defend their local support. Meanwhile, Solana and BinanceCoin face massive upward pressure, causing more than a 5% to 7% pullback." said CoinDCX research team

The top gainers for the day are OG with over a 19.72% rise, followed by Mantle with over 11.98% and Avalanche with close to a 10% rise. Besides, Pi leads the top losers with over a 21% drop, followed by World Liberty Financial with over a 12.32% plunge and Pump.Fun by over 10%.

Ethereum Price Today

Ethereum price slipped by 1.46% in the past 24 hours to trade at $4,194.40. Ethereum's m-cap stands at $505.62 billion. ETH has seen significant weekly losses of -6.86%, and monthly drops of over 12%.

Tether and USDC

Tether (USDT) remained steady at $1.00, maintaining its peg with a market cap of $172.86 billion. USD Coin (USDC) also held near parity at $0.9997, with a market cap of $74.15 billion.

Ripple Price Today

XRP traded at $2.88, posting a 0.44% daily gain. However, the token saw weekly and monthly declines of 5.28% and 4.87% respectively.

Binance Coin and Solana

Binance Coin (BNB) fell by 3.50% in 24 hours to $987.38. However, BNB still recorded strong monthly gains of 12.65%.
Solana (SOL) dropped 4.71% to $217.22, but remained in the green on a monthly basis with 5.45% gains.
Meme & Altcoins: Dogecoin, TRON, Cardano
Dogecoin (DOGE) traded at $0.2412, down 2.16% daily, and has lost 10.71% weekly, though it showed 4.01% monthly gains.

TRON (TRX) saw a small uptick of 0.51% in the last 24 hours, trading at $0.3410 with a $32.28 billion market cap.

Cardano (ADA) fell -2.27% to $0.8226, with a $30 billion market cap and sharp 9.52% monthly drop.

Crypto Market Outlook

"The overall crypto market cap remains above $3 trillion, led by Bitcoin's dominance. Bitcoin slipped about 2.8%, pulling back to roughly US$112,500 after failing to hold earlier highs in the US$114K-$118K range. Right now, it is moving within a rising channel with resistance near US$117,000 and a key support level around US$114,600. If that support breaks, we could see Bitcoin retest the US$111,000 zone or even lower. On the flip side, a clean breakout above US$117K might open the door for a run toward the previous highs near US$124,000. Ethereum, meanwhile, took a heavier hit, dropping nearly 9% before stabilizing a bit in the US$4,000-$4,200 band. The sharper decline makes ETH's chart look more vulnerable to downside in the near term, with those same levels acting as key supports for now." According to CoinSwitch Markets Desk.

"On the policy front, the U.S. and UK launched a "Transatlantic Taskforce for Markets of the Future"; essentially a joint push to align crypto and capital markets regulation. It is a step toward longer-term clarity, which the market has been craving. The near-term is tilted toward consolidation or mild downside, given the liquidation pressure and technical resistance. But the strong institutional inflows into BTC ETFs and regulatory advancement on both sides of the Atlantic offer potential tailwinds."

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