Bitcoin Plunges to $103K Amid Altcoin Carnage – Weekend Bloodbath or Buying Opportunity?
Crypto markets got wrecked this weekend as Bitcoin tumbled to $103K and altcoins followed suit. Here's the damage report.
The big dump: BTC's slide triggered a domino effect across major altcoins—Ethereum, Solana, and BNB all got crushed. Traders who chased the rally got rekt (again).
Silver lining? Every crypto winter eventually thaws. This pullback might just be the discount institutions need to load up before the next leg up. Or it's another reminder that 99% of altcoins are glorified casino chips.
Bottom line: Volatility comes standard in crypto—today's panic sellers are tomorrow's FOMO buyers. Just ask the 'stablecoin maximalists' now scrambling for yield.
Bitcoin Price Tumbles toward $103K
Bitcoin is charting a near 3% loss in the past 24 hours in what seems to be a broader crypto market selloff.
As seen in the chart below, the price tumbled from around $106,000 to an intraday low at $102,400 before bouncing and settling at where it current trades at the time of this writing.
As CryptoPotato reported, however, the common theme amongst the majority of cryptocurrency analysts and experts is that Bitcoin’s price trading at around $100,000 is indicative of institutional dominance and not retail FOMO.
This suggests that it has much more staying power because institutions are a lot less likely to sell during temporary and sudden drawdowns like the current one.
At the same time, however, the war between Israel and Iran continues, driving oil prices up and causing turmoil on stock markets as well.
Altcoins Crash Harder than BTC
The heatmap below paints a clear picture: most of the altcoins are trading in the red and are charting consiedrable losses.
Namely, some of the larger-cap cryptocurrencies such as ETH, SOL, ADA, DOGE, HYPE, BCH, LINK, AVAX, and more, are declining for more than 3% during the past 24 hours.
Interestingly enough, Bitcoin’s dominance – the metric, which tracks its share relative to that of the rest of the market is up by more than 1% during the same period.
This shows that BTC is performing a lot better and altcoins are completely unable to capitalize on its drawdown. In fact, this seems to be the other theme of the current cycle.
