Ether Takes a Dive, Dragging Altcoin Market Cap Below $880 Billion
The crypto market is bleeding red, resembling an autopsy table after a botched crash. Bitcoin is retracing, altcoins are tanking, and traders are staring at their screens with the coldness of a forensic doctor. This time, the wound isn't localized: Ethereum opens the floodgates, and then the entire altcoin segment starts to bleed out.
In Brief
Ethereum plummets nearly 22% in a week, triggering a wave of massive liquidations.
The altcoin market cap drops below $880 billion, confirming a strong current loss of confidence.
Approximately 83% of altcoins on Binance remain below their 200-day moving average.
Zcash crashes after an old flaw is discovered in its Orchard protected system.
Ethereum Triggers the Trap and Altcoins Cascade Down
Ethereum sparked the most visible move of this correction. On June 5th, ETH lost about 10% in twenty-four hours, dropping from just over $1,700 to $1,545. This level hadn't been seen since April 2025. Over the week, Ethereum is now down nearly 22%, despite still positive annual performance.
The shock also impacted leverage. Nearly $468 million in positions were liquidated, of which $408 million were long positions. Legally speaking, the market simply enforced its most brutal clause: margin call, immediate liquidation. BNB, XRP, and SOL also retraced, but without exceeding a 10% drop.
However, this relative resistance wasn't enough. The total altcoin market cap fell below $880 billion, confirming a clear break in confidence.
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