On Thursday, the cryptocurrency market faced significant downturns as bitcoin fell, dragging altcoins down with it. Notably, several altcoins experienced substantial losses, with NEAR, ethena, and Zcash each seeing declines in the double digits over the past 24 hours.
Ethereum, a leading player in the market, dropped 4.4%, falling below the $1,780 mark, a level not witnessed since April 2025. XRP also faced the brunt of this downturn, decreasing by 4.5% to hit an 18-month low, a position it last occupied in November 2024. Additionally, Solana’s value slipped 6%, trading below $70, marking its lowest price point since December 2023. Dogecoin plunged below $0.09, reaching a 27-month low reminiscent of levels last seen in February 2024.
Sean Dawson, head of research at crypto options platform Derive.xyz, commented on the prevailing market sentiment, stating, “Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements).” He emphasized that altcoins are often viewed as “high beta plays” relative to Bitcoin, which leads to substantial sell-offs amidst market downturns. “Simply put, I’d be even more bearish on alts,” he added.
Dawson also highlighted the shift in investor focus, noting that liquidity has increasingly been directed toward this year’s ‘superhot’ narrative of AI and data centers, leaving cryptocurrencies in a less favorable position. “There are just better, more exciting opportunities elsewhere,” he said.
Despite the overall negative trend in the market, Worldcoin, the native token for the digital identity project associated with OpenAI CEO Sam Altman, managed to defy the downtrend. Worldcoin’s token, WLD, surged nearly 5% in the last 24 hours and has an impressive growth of 90% over the past week, as reported by CoinGecko. This stark contrast highlights a growing interest in niche projects even amidst widespread declines in the broader cryptocurrency market.
