The cryptocurrency market experienced a severe downturn on Thursday, with total market capitalization dropping from approximately $3.44 trillion to $3.38 trillion within 24 hours — a loss of roughly $66 billion. Bitcoin (BTC) briefly approached the $100,000 milestone before retreating 2%, trading around $98,000 by 11:40 a.m. Eastern. Ethereum (ETH) followed with a 3.8% decline, reflecting broad market weakness.
Select Altcoins Defy the Gloom
Despite the bearish tide, several smaller-cap tokens posted remarkable gains. SOON (SOON) surged 63.75%, Internet Computer (ICP) jumped 33.53%, and MINA added 25.80%. ALEO climbed 18.26%, Filecoin (FIL) rose 18.15%, CCD rallied 17.11%, Tezos (XTZ) gained 12.19%, BAT lifted 11.02%, and Zcash (ZEC) advanced 9.17%. These outliers stood in stark contrast to the broader market carnage.
Major Tokens and Altcoins Buckle
XRP fell 3.24%, Solana (SOL) dropped 3.62%, and Hyperliquid (HYPE) sank 7%. Meme leader DOGE slid 4.2%. The biggest losers included Plasma (XPL) plummeting 18.46%, Telcoin (TEL) tumbling 14.99%, Decred (DCR) shedding 13.79%, and Virtual Protocol (VIRTUAL) down 13.01% to $1.23. SPX6900 (SPX) fell 11.43% to $0.6384, ZK dropped 10.90%, and Pump (PUMP) deflated 10.21% to $0.003765. Zebec Network (ZBCN) shrank 8.75% to $0.003119, Toshi (TOSHI) dipped 8.69% to $0.0005175, Berachain (BERA) lost 8.54% to $1.40, and Aster (ASTER) ended the session down 8.50% at $1.01.
Market Analysts Point to Multiple Triggers
Analysts are divided over the root cause of the sell-off. Some point to U.S. President Trump’s tariff policies and revived trade war rhetoric, while others blame the Nikkei’s decline and whispers of an impending AI bubble burst. A third theory — the “silent IPO” — suggests early investors are quietly cashing out as Bitcoin approaches its mainstream debut. Overall, the altcoin sector, except for a handful of privacy coins and niche plays, resembles a slaughterhouse. Traders are rotating into blue-chip names like Bitcoin, abandoning riskier assets. “It’s pure crypto carnage — skip the popcorn, grab a helmet,” one analyst remarked.