• Major altcoins like ETH, Solana's SOL, BNB and XRP, dropped as Bitcoin's struggle to move past $60K.

• Tron's TRX and Cardano's ADA showed gains, with TRX particularly benefiting from increased network activity due to a new memecoin generator.

• Donald Trump crossed Kamala Harris as the most likely winner of the U.S. elections on Polymarket.

Bitcoin (BTC) reversed Tuesday’s gains as prices slid to just over $59,000 during the Asian morning hours Wednesday, continuing a spell of sideways price action.

BTC fell 2.6%, leading losses among major tokens. Solana’s SOL, BNB Chain’s BNB and XRP fell 2% each, while ether (ETH) fell more than 3.5% The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, minus stablecoins, dropped 2.27%.

On Polymarket, bettors are putting money on future price stability. Solana’s SOL, currently trading for $143, according to CoinDesk Indices data, has a 68% chance of staying above $140 by the end of the week bettors predict. Ether is also going to stay above $2500, they say, and is currently trading above $2600.

Meme coins PEPE and BRETT were recently listed on major South Korean exchange Upbit, while new token DOGS was listed on the Binance Launchpool.

Traders said that bitcoin would need to break above the $61,000 level and stay above it if sentiment were to change among market participants.