- ETH plummets to $2.3K as the crypto market drags itself deeper into February’s abyss.
- Altcoins suffocate as Bitcoin flexes its dominance. The great digital battle rages on.
On the fateful 25th of February, Ethereum, the once-mighty titan of altcoins, fell to the depressing depths of $2.3K, shattering the sacred $2.6K barrier, which, as if from the heavens themselves, had been forecast by the so-called “crypto oracle,” Ali Martinez. And lo, he declared that should Ethereum fail to cling to that thin, fragile thread of $2.6K, the grand altcoin season would be, tragically, canceled.
Martinez’s somber prediction was a dagger to the heart: a drop beneath Ethereum’s long-term channel would not only signal the breaking of ETH’s own fragile market structure, but it would send the entire altcoin market tumbling into an early grave.
“Altseason will be canceled if #Ethereum $ETH fails to hold $2,600!”
The Status of Altcoin Season
In the past 24 hours, a staggering $160 billion was stripped from the altcoin market, dragging its cap from a respectable $1.28 trillion to a pitiful $1.12 trillion. It was a massacre, and not a single soul seemed to care.
Since the glorious peak of last December, the altcoin segment has been ravaged, losing over $590 billion under the weight of relentless bearish pressure. The market now lies in ruins, as hope slips away like sand through trembling fingers.
Not even the revered ETH/BTC ratio, a measure of altcoin momentum tied to Ethereum’s mighty performance, has yet found solace. No, instead, it dropped a staggering 68%, now standing at levels unseen for the past five years. It’s as though altcoins have become mere shadows of their former selves.
Unlike the fleeting glimmer of hope in late 2024, when altcoins briefly rose from the ashes, there has been no such rally in 2025. The altcoin season? It’s looking more like a forgotten dream.
Yet, amidst this despair, a glimmer of hope—Ki Young Ju from CryptoQuant has noted that addresses holding $10K-100K worth of ETH surged by 24% in the past year. Perhaps, a small rebellion is stirring in the depths of the market.
Still, with a cost basis of $2,199, Ethereum’s only chance at salvation lies in its ability to remain above $2.2K, a mere whisper above the current abyss.
The altcoin season index? A tragic 31, meaning that, in reality, we are in the throes of an unapologetic BTC season.
Even more astonishing, Bitcoin dominance surged over 2%, from a humble 60% to a rather cocky 62% in the span of just one week. A clear message: altcoins, don’t bother trying to rise anytime soon.
Yet, in the face of overwhelming darkness, a few altcoin outliers somehow managed to post double-digit gains—Story [IP], Maker [MKR], Sei [SEI], and Berachain [BERA] led the charge, much to the bewilderment of everyone watching. It’s almost as if these coins were laughing in the face of the grim market outlook. 😂
Meanwhile, Raydium’s RAY was obliterated, down a staggering 46%, with its prospects further weighed down by the release of Pumpfun’s new automated market maker (AMM) for its graduated tokens. It’s a hard world out there. 🤷♂️
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2025-02-25 20:11