The altcoin market drops sharply as selling pressure increases

The altcoin market has experienced strong pressure over the past 24 hours, recording widespread deep declines among major coins, along with a noticeable decrease in market capitalization excluding Bitcoin and stablecoins.

According to market data, the total cryptocurrency market capitalization excluding Bitcoin has fallen to approximately $1.2 trillion, a decrease of nearly $50 billion, or over 4%, in just one day based on the latest developments.

Trading volume remains high, close to $147 billion, indicating that the sell-off is mainly driven by investors’ risk mitigation activities rather than limited liquidity.

Major altcoins record significant declines over the past week

In the large-cap altcoin segment, the downward trend has occurred simultaneously and has exceeded the usual short-term volatility range.

Ethereum has fallen below the $3,000 mark, losing about 7% in a day and nearly 7% over the week. Solana also plummeted to $126, recording a decline of over 11% in seven days.

Source: CoinMarketCapXRP continues to underperform, down more than 11% over the week, while Dogecoin and Cardano both recorded declines of over 14%.

Even large-cap coins considered relatively defensive, such as BNB, are not immune to this trend, dropping more than 5% over the week. Tron declined slightly less but still closed the session in red.

Monero is one of the worst performers, with a loss exceeding 25% over the week, clearly reflecting the widespread market weakening.

Altcoin market structure weakens below key levels

The total market capitalization chart (excluding Bitcoin) shows a clear structural decline. After failing to recover the $1.3 trillion zone earlier this month, the market continuously set lower highs, with the most recent drop pushing prices back to levels seen in mid-2024.

Source: TradingView Momentum indicators continue to reflect increasing selling pressure. The daily RSI has fallen below 40, indicating weakening buying strength. At the same time, trading volume surged during downward sessions, showing a trend of asset distribution rather than accumulation.

This development indicates that capital is withdrawing from altcoins faster than from Bitcoin, clearly demonstrating a shift toward a “risk-off” stance, where investors prioritize reducing exposure to highly volatile assets.

Bitcoin’s weakening spreads to altcoins

Although not included in the total market capitalization, Bitcoin dropping below $90,000 has contributed to increased selling pressure across the entire altcoin market.

History shows that sharp declines in Bitcoin often lead to negative volatility in the overall cryptocurrency market, especially when leverage is wiped out and investor confidence diminishes.

In the context of Bitcoin showing no clear recovery signals and liquidity conditions remaining tight, altcoins continue to face the risk of deeper short-term declines.

Mr. Giáo