The altcoin market faced a steep correction, with Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) dropping 8-10% taking 24-hour liquidations to $952 million.
By Bhushan Akolkar
Edited by Marco T. Lanz
Updated
3 mins read
Altcoin market has faced severe selling pressure as concern over Donald Trump’s trade war escalates further. Top digital assets like Ethereum ETH $1 813 24h volatility: 1.1% Market cap: $218.83 B Vol. 24h: $11.55 B , Ripple’s XRP $2.12 24h volatility: 1.7% Market cap: $123.17 B Vol. 24h: $2.64 B , Solana SOL $126.1 24h volatility: 0.9% Market cap: $64.61 B Vol. 24h: $1.90 B , Dogecoin DOGE $0.17 24h volatility: 2.3% Market cap: $24.77 B Vol. 24h: $861.61 M , have all tanked all the way to 8-10% in a broader crypto market crash.
This massive correction comes amid the tightening liquidity conditions and US Dollar gaining strength, as investors flock to safe haven amid global market uncertainty. Amid the crash in Bitcoin and altcoin prices today, the total crypto market liquidations have soared to $952 million in the last 24 hours, as per the Coinglass data.
The Ethereum (ETH) price has corrected over 9% today and is currently trading at $2,131 with its market cap falling to $256 billion. Also, the altcoin has tanked more than 25% over the past week, with a similar magnitude of correction seen for XRP, Cardano ADA $0.66 24h volatility: 2.5% Market cap: $23.67 B Vol. 24h: $503.16 M , Solana (SOL), Dogecoin (DOGE), etc.
Ethereum (ETH) continues to struggle under intense selling pressure, marking a dramatic loss of one-third of its value over the past four weeks. Since December 17, ETH has plummeted nearly 50%, with its price now approaching the $2,000 mark – a level last seen in November 2024. Thus, the altcoin has lost almost all of its gains post-US election results.
As per popular crypto analyst Trader Tardigrade, Ethereum price is currently in a no-loss zone. The analyst noted that if ETH breaks down from here, it would need extra strength to bounce back; however, if it bounces from this support, a fresh all-time high could be coming soon.
Source: Trader Tardigrade
As per the data from Arkham Intelligence, a prominent Ethereum whale has exited their position after two years, in a forced capitulation amid the ETH price drop.
Two years ago, the whale withdrew 2,334 ETH (valued at $4.24 million) from Binance at a price of $1,815 per token. Just 30 minutes ago, they redeposited 2,375 ETH (now worth $4.96 million) to Binance, netting a profit of approximately $660,000. At Ethereum’s peak, this whale held an unrealized profit exceeding $5 million.
Crypto market analyst Captain Faibik has highlighted a significant technical pattern in the altcoin market, suggesting a potential bullish breakout. “TOTAL2 is retesting the massive triangle on the weekly time frame chart,” Faibik noted on X (formerly Twitter). “After a successful retest, I’m expecting an altcoins mega bullish rally,” he added. The TOTAL2 chart, which tracks the total market capitalization of altcoins excluding Bitcoin.
Source: Captain Faibik
Merlijn The Trader has drawn parallels between the current altcoin market and the 2017 crypto cycle, hinting at the potential for a massive rally ahead. “ALTCOIN HISTORY REPEATING?” the analyst asked in a recent post on X (formerly Twitter). “2017: Final shakeout → Insane bull run. 2025 → Exact same pattern forming…” he said.
Source: Merlijn The Trader
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
