๐บ Altcoin Boom Turns BustโAt Least for Now
Ethereum, XRP, and other top coins tumble as overleveraged traders face massive liquidations.
๐ From Euphoria to Freefall:
After weeks of scorching gains, the altcoin market hit a wall Wednesday:
โ XRP broke a 7-year record with a new all-time high last week.
โ Ethereum and Solana reached six-month peaks.
โ BNB hit an all-time high of $808 just hours before the crash.
But the rally proved fragile:
๐ป XRP fell 10% to $3.22
๐ถ Dogecoin dropped 9% to $0.241
๐ Solana sank 7% to $188
๐ป Ethereum declined 3% to $3,586
๐ช Bitcoin was the least affected, down 1% to $117,810
๐ฃ Liquidations Surge: Over $600M Wiped Out
Leverage came back to bite crypto tradersโhard.
๐ฅ Over $129M in ETH positions liquidated in 24h, with $104M from longs
โ ๏ธ XRP was next with $63.4M in liquidations
๐ป Even Bitcoin saw $62.5M in liquidations
๐ Total liquidations across the market topped $600 million, per CoinGlass
๐ง Frothy Conditions Behind the Crash
According to Glassnode:
โ Altcoin market cap added $216B in two weeksโone of the largest jumps ever
โ Open interest in altcoin derivatives ballooned from $26B to $45B
Analysts warned of rising "market reflexivity" and increased volatility risk
> โThis rapid growth suggests an acceleration in speculative positioning and a rising degree of market froth,โ
โ Glassnode Analysts
๐ฎ Is Altseason Over? Experts Say โNot Yetโ:
Despite the dip, many believe the altcoin rally still has room to run:
> โThis isnโt just a crashโitโs a correction,โ
โ Mike Cahill, CEO, Douro Labs
He pointed to:
๐งพ Profit-taking after Bitcoinโs all-time high
๐ Macro tension (e.g., U.S.โChina trade talks, Fed policy speculation)
๐ A likely continuation of the bull market through end of 2025
๐ Ethereum: Still Poised to Soar?:
According to Bitwise, ETH could be far from done:
๐ผ 14% gain over the past week
๐ฐ Projected $20B in institutional demand over the next year
๐งฎ Only 800,000 ETH expected to be produced in that time
โ๏ธ Demand could outstrip supply 7-to-1
๐งญ Final Word: Volatility Is BackโBut the Trend Isnโt Broken
The latest altcoin pullback is a reminder:
Leverage amplifies both gains and losses. But with momentum, demand, and adoption still growing, many analysts see this dip as a pauseโnot a peak.