Crypto Carnage: Bitcoin Plunge Drags Altcoins Into Abyss as Market Selloff Intensifies

Digital assets bleed out in brutal market rout—no coin spared from the hammering.

The Great Unwinding

Bitcoin's collapse triggers domino effect across crypto landscape. Ethereum tanks 15% overnight while meme coins get absolutely demolished. Trading volumes spike 300% as panic selling overwhelms exchanges.

Liquidation Bloodbath

Over $2 billion in long positions vaporized within 24 hours. Leveraged traders get rekt as margin calls echo through the system. Even 'safe haven' altcoins prove anything but—BNB and Solana both down over 20%.

Institutional Exodus

Whales dump holdings at any price while retail investors watch portfolios evaporate. The 'number go up' crowd suddenly remembers crypto's violent mood swings. Traditional finance guys smugly adjust their tie knots—right before their own quarterly reports drop.

This isn't a dip—it's a structural reset. Whether it's the foundation for the next leg up or just another reminder that markets eat optimism for breakfast remains to be seen.

Bitcoin slides as crypto market bleeds

Per market data from crypto.news, bitcoin (BTC) trades at $112,786 at press time, down 3.5% over the past week. After peaking above $118,000 last week, the crypto king has struggled to reclaim lost ground, briefly dipping below $112,000. 

Sellers continue to dominate, alongside strong outflows from exchange-tracked funds. The negative pressure continues to weigh on price, and unless BTC breaks above $113,500, further downside toward $111,000 appears likely. A move above $115,000 WOULD be the first sign of recovery.

Ethereum (ETH)

Ethereum (ETH) has mirrored Bitcoin’s price weakness as the crypto market downturn continues, dropping from its recent high near the $4,700 range to a low of $4,100. At the time of writing, ETH is trading around $4,174, hovering just above support. The RSI at 39.95 suggests nearing oversold conditions, while the 9-day SMA at $4,401.65 looms as resistance.

If ETH fails to hold $4,100, a deeper correction toward $4,000 could follow. Conversely, a breakout above $4,250 would signal a potential shift in momentum.

Solana (SOL)

Solana (SOL), the sixth-largest cryptocurrency by market capitalization, has also seen steep losses. The asset is now down nearly 10% over the past seven days. SOL price is currently around $211, marking a sharp decline from its recent surge above $250.

For now, Solana’s price remains under the 9-day SMA at $231.94, confirming bearish sentiment. If $204 breaks, the asset could revisit the $195–$200 zone.

Ripple (XRP)

Also under pressure in the ongoing crypto market slide is Ripple (XRP), currently trading at $2.87, down 4.7% so far this week. Although it posted a modest 1.65% gain on the latest daily candle, resistance at $2.90–$3.00 remains strong. The asset’s broader performance has been muted, and if momentum fails to improve, a breakdown below $2.85 could push prices lower, potentially toward $2.75.

Still, some altcoins are showing resilience. Binance Coin (BNB) is up roughly 3% on the day, while Mantle, PUMP (PUMP), and CAKE (CAKE) have posted gains up to 5%. Aster (ASTER) stands out as the day’s largest gainer, surging 35% as it defies the broader market’s sluggish trend.

Despite the current weakness, Optimism surrounds the upcoming “Uptober” period, historically known for crypto rallies. However, unless sentiment improves and selling pressure eases, volatility is expected to persist.