Tom Kushner Bitcoin fell to new local lows around $74,000 after a sharp weekend selloff, triggering massive liquidations across the crypto market as Ethereum, Monero, and other altcoins plunged.
Altcoins Bleed as Bitcoin Fell to New Local Lows Near $74,000
Bitcoin’s sharp weekend correction deepened on Monday morning as the leading cryptocurrency extended its losses, plunging to just over $74,000. The downturn sparked another round of heavy liquidations across the digital asset market, with Ethereum, Monero, and other major altcoins suffering steep declines.
The market carnage comes less than a week after Bitcoin’s attempt to reclaim the $90,000 resistance level, a rally that has now fully reversed amid macro uncertainty and renewed selling pressure.
Bitcoin Rebounds Slightly After Testing Multi-Month Lows
Just days ago, Bitcoin appeared poised to challenge new highs after briefly touching $90,000 last Wednesday. However, sentiment shifted dramatically following the Federal Reserve’s decision to halt interest rate cuts, combined with escalating geopolitical tensions in the Middle East.
That mix of macro pressures triggered a sharp reversal. The cryptocurrency tumbled to $81,000 on Thursday, before staging a short-lived rebound to $84,000 on Friday. By Saturday afternoon, Bitcoin once again turned lower, sliding beneath $76,000 for the first time since April of last year.
The selloff wiped out more than $2.5 billion in leveraged positions over the weekend as traders faced one of the largest liquidation events in months. Despite a brief recovery attempt on Sunday, Bitcoin slumped again early Monday to $74,400—marking its lowest point in nearly ten months.
Since then, BTC has managed a modest rebound, trading near $78,000 at press time. Its market capitalization has shrunk to roughly $1.55 trillion, while its dominance over the altcoin market hovers just above 57.5 percent according to CoinGecko data. Analysts expect continued volatility throughout the week as traders assess the fallout from the recent correction.
Ethereum and Monero Lead the Altcoin Decline
The impact on altcoins was swift and severe. Ethereum, the second largest cryptocurrency by market cap, has been one of the hardest hit. The asset was trading above $3,000 last Wednesday before sliding as low as $2,100 earlier today—a near 30 percent decline in less than a week. While ETH has since recovered slightly to around $2,300, it remains down more than 5.5 percent in the past 24 hours.
Monero (XMR) also suffered a steep pullback, dropping to around $400 as privacy-focused tokens saw broad selling pressure.
Other leading altcoins including XRP, BNB, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Bitcoin Cash (BC), Chainlink (LINK), and Stellar (XLM) were all trading deep in the red as traders moved capital back into Bitcoin or stablecoins. Pi Network’s native token fell to a fresh all-time low, reflecting waning investor confidence amid the market-wide correction.
The total crypto market capitalization has shed approximately $300 billion since Saturday and $500 billion since last Wednesday, now resting around $2.65 trillion.
A Few Tokens Defy the Trend
Amid the widespread losses, a handful of smaller-cap tokens managed to buck the trend. MYX posted an impressive 13.5 percent gain over the past 24 hours, while token M climbed by roughly 10 percent during the same period. Analysts attribute these isolated gains to speculative trading activity and short-term rotation rather than a broader market shift.
Still, sentiment across the digital asset landscape remains fragile. On-chain data indicates rising outflows from centralized exchanges, suggesting that investors may be opting to hold assets off-market until volatility cools.
Market Outlook
Market strategists expect Bitcoin’s next key support zone around $72,000 to determine short-term price action. A decisive break below that level could extend the correction further, potentially dragging major altcoins into deeper losses. Conversely, if Bitcoin consolidates and rebounds above $80,000, it could stabilize broader sentiment heading into February.
Institutional activity remains muted for now, though analysts anticipate potential reentry from large investors once macro conditions improve and volatility subsides. With upcoming economic data releases and ongoing geopolitical uncertainty, traders are bracing for another week of sharp price swings across the crypto market.
For now, the narrative remains clear: Bitcoin fell to new local lows, and the entire market followed suit.
