The crypto market capitalization dropped by approximately $66 billion over the past 24 hours, falling from $3.38 trillion to $3.32 trillion. Bitcoin (BTC) briefly touched the $100,000 mark during Asian trading hours but retreated 2% by 11:40 a.m. Eastern Time, hovering around $98,000. Ethereum (ETH) declined 3.8%, and most major altcoins followed the downturn, although a handful of small-cap tokens posted double-digit gains, creating a stark divide in market sentiment.
Bitcoin Retreats, Major Coins Under Pressure
Bitcoin failed to hold the psychologically important $100,000 level, falling 2% intraday. Ethereum dropped 3.8%, while XRP and SOL slid 3.24% and 3.62%, respectively. DOGE shed 4.2%, and HYPE plunged 7%. The worst performers included Plasma (XPL), which cratered 18.46%, Telcoin (TEL) down 14.99%, Decred (DCR) down 13.79%, and Virtual Protocol (VIRTUAL) down 13.01%. ZK, PUMP, Zebec Network (ZBCN), Toshi (TOSHI), Berachain (BERA), and Aster (ASTER) all fell between 8% and 11%.
A Few Altcoins Defy the Gravity
Despite the broad sell-off, several tokens surged. SOON skyrocketed 63.75%; Internet Computer (ICP) jumped 33.53%; MINA added 25.80%; ALEO climbed 18.26%; Filecoin (FIL) rose 18.15%; CCD rallied 17.11%; XTZ gained 12.19%; BAT lifted 11.02%; and Zcash (ZEC) advanced 9.17%. Privacy coins, storage tokens, and certain layer-1 projects attracted capital seeking safe havens.
What Caused the Dive?
Market analysts are divided on the trigger. Some point to renewed trade war fears stemming from President Trump's tariff policies. Others blame the decline on a slide in Japan's Nikkei index and whispers of an impending AI bubble burst. A 'silent IPO' theory suggests early backers are quietly cashing out as Bitcoin gains mainstream adoption. Overall, aside from a few hot tokens, the altcoin market is experiencing a bloodbath as retail capital increasingly consolidates into brand-name coins like Bitcoin.