Major %Cryptocurrencies are experiencing double digit losses amid a sharp selloff in digital coins and tokens.
In the last 24 hours, the price of %Dogecoin (CRYPTO: $DOGE) has fallen 12%, while %Cardano (CRYPTO: $ADA) has sunk 14.7%, and %Solana (CRYPTO: $SOL) has declined 10%.
The decreases in smaller cryptocurrencies come as prices for the two largest digital tokens, %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH), dropped 6.1% and 4.5%, respectively.
Overall, the market capitalization of the cryptocurrency sector has decreased by 5% in the past 24 hours, shedding nearly $200 billion U.S. and falling to $3.2 trillion U.S.
Trading volumes for Dogecoin have risen nearly 25% as selling pressure accelerates.
Analysts attribute the sharp selloff to profit-taking at month’s end on the part of traders and investors following a blistering rally in crypto that occurred after the Nov. 5 U.S. election.
While many analysts still expect Bitcoin to continue its march towards $100,000 U.S., some are now warning of a period of consolidation after the big November rally.
Market data shows extensive liquidations in cryptocurrencies since the final trading week of November began and heading into the Thanksgiving holiday weekend in America.
Traders and investors are bracing for further volatility with crypto options contracts worth $9.4 billion U.S. set to expire on Nov. 29.