Crypto Bloodbath: ETH Plunges 5%, BTC Hits 5-Day Low as Altcoins Implode – Weekend Carnage

Crypto markets got wrecked this weekend—no mercy, no parachutes. Ethereum led the nosedive with a brutal 5% haircut while Bitcoin slumped to its weakest level in nearly a week. Altcoins? Obliterated. Traders scrambling for exits turned portfolios into ghost towns.

Here’s the wreckage:

- ETH’s freefall dragged the entire altcoin complex into the abyss. No safe havens, just red candles and margin calls.

- BTC couldn’t hold the line either, crumbling to a five-day low. Even the 'digital gold' narrative took a hit.

Market psychology flipped faster than a degenerate trader’s leverage position. Fear spread like a bad meme coin—everyone FOMO’d into panic instead of gains.

Silver lining? The dip buyers are already circling like vultures. Because nothing fuels irrational exuberance like a 20% discount on yesterday’s overpriced sh*tcoins.

Bonus jab: Wall Street ‘experts’ who called crypto dead (again) will pivot to praising the ‘buying opportunity’ by Monday. Clockwork.

BTC at $117K

The primary cryptocurrency had an eventful week. It all started with a price pump on Monday that drove it from $119,000 to a multi-week peak at over $122,000. The bears reemerged at this point and didn’t allow a breakthrough toward the $123,200 all-time high.

However, such a leg up transpired later on during the week. On Wednesday, Bitcoin started to gain traction and flew past its July peak. The culmination took place on Thursday morning when BTC surged to $124,500 to chart its latest all-time high.

That rally was short-lived, though. Instead of heading beyond $125,000, the cryptocurrency reversed its trajectory and slumped to $121,000 almost immediately. It fell further to under $118,000 during the day, after the US PPI data for July came out hotter than expected.

More volatility was expected on Friday evening when the presidents of the US and Russia met to discuss a potential ceasefire between the latter and Ukraine. Although they failed to agree on a deal, BTC’s price remained relatively stable at around $117,500.

Its market cap has retreated to $2.340 trillion on CG, while its dominance over the alts is close to 58%.

Alts in Red

Ethereum marked an impressive rally over the past few weeks, which culminated a few days ago with a surge to almost $4,800. Thus, the asset came just inches away from its 2021 ATH. However, it failed there and the overall market-wide correction has pushed it to well below $4,500 after a 5% daily decline.

The rest of the larger-cap alts are in the red as well, with SOL, LINK, AVAX, SUI, and HYPE dropping by 3-7%. MNT is the only notable exception. The asset has surged by over 10% and trades at $1.2, while the rest of the alts are in the red.

The total crypto market cap has shed another $80 billion overnight and is down to $4.050 trillion on CG.