The crypto market faced a significant downturn, with Bitcoin dropping below $97,000 after a brief rise above $100,000, triggering widespread selloffs among altcoins like XRP, Tron, and Cardano. XRP fell 12% from its recent high, while Tron and Cardano saw declines of 16.6% and 13.5%, respectively. Despite the volatility, experts suggest this phase may be a temporary consolidation before potential recovery as investors reassess their strategies.