2 min read
The long-awaited altcoins season may be dying before it even began. While crypto analysts loudly predicted a mid-year surge in alternative tokens, the reality on the ground is brutally different.
Ethereum, Solana, Cardano, XRP, even Pi Coin, have all stalled or stumbled after brief upticks in the last few days. ETH futures alone faced nearly $1 billion in liquidations. Smaller altcoins fared even worse, losing 10% to 50% overnight. Even heavyweights like BNB and Chainlink couldn’t dodge the tide.
Ethereum (ETH) has retreated nearly 6%. It is now trading at around $3,640, after Ethereum’s staging area became jammed. A record 640K ETH (~$2.3B) is queued to unstake i.e., an 11-day delay. With 390K ETH also entering the staking queue, the net drain is about 250K ETH, stoking fears of profit-taking.
XRP and Dogecoin have suffered the steepest slides: XRP lost over 8% in recent trading and has broken below the $3.00 technical support level, now eyeing $2.60. Footprint in volume suggests institutional unloading. Dogecoin crashed nearly 15%, falling toward $0.22. The selloff was driven by high-volume exits likely tied to leveraged positions.
On the other hand, things look a little fishy for Bitcoin, ETH as well.
Bitcoin (BTC) has slipped nearly 2 percent, falling to around $115,364, but is holding firm above its $115K support zone. Traders say this resilience is typical; Bitcoin remains the preferred haven when crypto volatility spikes.
Check the prices of popular cryptocoins against PKR using our converter here.
