“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows
On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.
Other tokens have dropped to lows not seen in over a year in the past 24 hours:
Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.
XRP declined 4.5% to an 18-month low last hit in November 2024.
Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.
Dogecoin slid below $0.09, a 27-month low last seen in February 2024.
“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.
“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.
“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.
One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.
