Glassnode records a $ 234 billion drop in the altcoin market

Over the past two weeks, the market capitalization of altcoins has fallen by $ 234 billion. Glassnode analysts see this as a sign of bearish sentiment in this segment. At the same time, bitcoin BTC $96,444.91 Bitcoin -1.17% Market capitalization $1.91 trillion VOL. 24 hours $1.92 billion has shown relative stability, although it has experienced significant price fluctuations.

From February 3 to February 9, 2025, the bitcoin rate fluctuated from $ 91,000 to $ 102,500, which caused total losses of $ 520 million for investors. The largest losses were incurred by short-term BTC holders who recently entered the market.

Glassnode experts note that despite the fall of altcoins, this collapse is less aggressive than the May 2021 «great migration of miners» or the collapse of TerraUSD and 3AC projects in 2022. They also see the current drop as part of a correction and consolidation of the bull market.

In general, the cryptocurrency market remains unstable, and volatility is elevated due to macroeconomic factors, including the threat of new US tariffs.

According to Credible Crypto, an industry expert, BTC may temporarily fall below $ 80,000, and in the worst case scenario, even into the range of $ 70,000−80,000. However, this correction will not change the overall upward structure unless the price falls below $ 58,000.