Altcoins Lead Crypto Market Slide as Traders Seek Shelter in Bitcoin
Crypto markets took a hit in evening trading, with altcoins bearing the brunt of selling pressure. Bitcoin was relatively resilient, dipping just 0.42% to $78,114.05 as traders sought shelter from the carnage elsewhere in the market.
Ethereum fell 1.00% to $2,460.02 and Solana dropped 1.24% to $102.05, while XRP declined by a similar margin to $1.40. Avalanche was among the hardest hit, falling 2.38% to $7.81 as selling pressure intensified down the market capitalization rankings.
The sharpest losses were reserved for BNB and Cardano, which plummeted 3.18% to $728.48 and 3.24% to $0.21 respectively. Dogecoin bore the heaviest blow of the session, plunging 3.97% to $0.09 as speculative sentiment deteriorated across meme-associated tokens.
The broad-based retreat underscores a cautious mood among crypto investors this evening, with risk appetite appearing thin. Altcoins with smaller market capitalizations and higher volatility profiles absorbed the bulk of the session's selling, while Bitcoin's modest dip suggests some rotation into the more established digital asset.