Altcoins Bleed Out as Bitcoin Crashes Below $116K: Weekend Carnage Report

Crypto markets got steamrolled as Bitcoin's nosedive below $116,000 triggered an altcoin bloodbath. Here's the damage report.

When BTC stumbles, alts get slaughtered—and this weekend was no exception. The king's 15% drop sent shockwaves through the entire ecosystem, vaporizing leveraged positions and leaving traders scrambling.

Worst-hit coins saw double-digit percentage losses, proving once again that 'diversification' is just Wall Street speak for 'losing money in multiple assets.' The usual suspects—memecoins and overhyped DeFi tokens—took the hardest hits as panic selling set in.

Meanwhile, exchange order books showed massive liquidity gaps, with some altcoin pairs seeing 20%+ spreads during peak volatility. Market makers apparently decided protecting their capital was wiser than catching falling knives.

This crash serves as another brutal reminder: in crypto winter, even 'blue chip' alts can freeze to death. The only thing dropping faster than prices? The credibility of influencers who swore this rally was different.

BTC Slips After Recovery

The primary cryptocurrency had an overall positive week, in which the US Federal Reserve finally reduced the key interest rates. Leading up to the FOMC meeting that took place on Wednesday, BTC experienced some volatility and went up to $117,200 only to drop below $115,000 before the event.

However, it had recovered to $116,000 when the US central bank announced the cut and remained relatively muted at first. It went on the offensive during the early Thursday morning trading session when it pumped to a multi-week peak of $118,000.

After gaining over seven grand since the previous week’s low, though, came the inevitable rejections that pushed it south hard, especially on Saturday morning. Earlier today, Bitcoin slipped to $115,200 before it staged a minor recovery to roughly $116,000 as of now.

Its market capitalization has remained above the $2.3 trillion mark, while its dominance over the alts is still below 56% on CG.

These Alts Bleed Out

As mentioned above, most larger-cap alts are sitting with losses today. ETH has dumped to well below $4,500, Doge is down by more than 3%, and LINK has slumped by 5%. XRP fights with the crucial support at $3. SOL, AVAX, and SUI are also in the red.

Even more painful price drops are evident from M, which has dumped by 16% to $2.2, MYX (-12%), and PENGU (-7%).

The total crypto market cap has erased over $50 billion since the recent peak and is down to $4.140 trillion on CG.