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Altcoins, however, bore the brunt of the carnage. Ethereum, for instance, tumbled approximately 30% after hitting its recent high, indicating heavy liquidation and panic selling. Other altcoins like Dogecoin and Solana were hit even harder, experiencing cascading liquidations and dramatic price drops. Savvy traders who placed buy orders at lower levels likely found incredible entry points—though the overall market sentiment remains highly uncertain.
Is the Cycle Over? Key Question for Investors
One of the most pressing questions arising from this event is whether the current market cycle has concluded. The previous cycle’s peak was estimated to have occurred in 2021, with some pointing to the upcoming Bitcoin halving next week as a potential cycle top.