Crypto Market Update Today: Is a Bigger Crash on the Horizon?

Table Of Contents

Major Cryptos Take a Hit – SOL, XRP, and LIBRA in Trouble
Solana (SOL) Falls 10% Amid Investor Uncertainty
XRP Faces Hurdles – Can It Ever Reach $5?
LIBRA Token Scandal Rocks Argentina
Binance Pi Coin Vote: Will It Get Listed?
Ethereum’s Short-Lived Rally
Crypto Market at a Glance

Major Cryptos Take a Hit – SOL, XRP, and LIBRA in Trouble

The cryptocurrency market is facing another tough day as prices dip and investor concerns grow. The global crypto market cap has dropped 1.70% to $3.15 trillion, while trading volume has surged 37.2% to $97.2 billion, signaling a wave of sell-offs.

Let’s break down today’s biggest developments.

Solana (SOL) Falls 10% Amid Investor Uncertainty

Solana (SOL) has taken a sharp 10.42% dive to $164.71. The upcoming token unlock on March 1 has many investors worried about increased selling pressure. Adding to the turmoil, a pump-and-dump scheme involving a Solana-based meme coin, LIBRA, triggered a wider meme coin sell-off, shaking market confidence.

Network activity on Solana has also slowed. The number of active addresses has just dropped by 55% since November, from 18.5 million to 8.4 million. However, trading volume has surged 73.18% to $5.28 billion, indicating high volatility.

XRP Faces Hurdles – Can It Ever Reach $5?

Ripple’s XRP saw a momentary boost after CEO Brad Garlinghouse hinted at strong future potential, fueling speculation about a $5 price target. However, today’s bearish market has put a damper on that optimism. XRP is now trading at $2.55, down 4.77% on the day. While long-term investors remain hopeful, market instability could slow its progress.

LIBRA Token Scandal Rocks Argentina

A major crypto controversy is unfolding in Argentina. President Javier Milei had endorsed the new $LIBRA token, claiming it would support small businesses. The token skyrocketed to a $4.5 billion market cap before plummeting 95% within hours.

Investigators found that over $100 million was withdrawn just before the crash, leading to accusations of insider trading. Critics argue that Milei’s endorsement has severely damaged trust in Argentina’s crypto market.

Binance Pi Coin Vote: Will It Get Listed?

Amid market chaos, Binance is allowing users to vote on whether to list Pi Coin. From February 17 to 27, 2025, verified Binance users with at least $5 in their wallets can participate in the vote.

The Pi Network community sees this as a potential breakthrough, but with current market uncertainty, it’s unclear how much support the listing will receive.

Ethereum’s Short-Lived Rally

Ethereum (ETH) briefly surged to a 12-day high of $2,832 on February 17 but quickly retreated to $2,691.32 following a sell-off. Despite the dip, ETH’s trading volume spiked 89.09% to $26.05 billion, suggesting continued strong market interest.

Analysts believe Ethereum could recover, but unpredictable market conditions make forecasting difficult.

Crypto Market at a Glance

Total Market Cap: $3.15 trillion (-1.45%)
24-Hour Trading Volume: $97.2 billion (+37.2%)
Bitcoin Dominance: 60.18% (+0.51%)
Total DeFi Volume: $7.14 billion (7.35% of total volume)
Stablecoin Volume: $89.75 billion (92.33% of total volume)

With heavy selling and key market events ahead, the crypto landscape remains highly volatile. Will the market recover, or is a deeper crash imminent? Stay tuned for more updates!