Altcoins are hit hard by Facebook's Libra concerns

Small coins are nursing bigger losses than Bitcoin.
The altcoins are tightly correlated with Bitcoin.

Tanya Abrosimova Independent Analyst

The global regulatory push against Facebook's Libra triggered a sharp sell-off on the cryptocurrency market. Bitcoin (BTC) has lost over 30% of its value and smashed several critical support levels.

However, the most popular digital asset is not the only casualty of the recent criticism towards Libra as smaller cryptocurrencies, also known as altcoins have experienced an even worse decline.

Thus, Ethereum has lost nearly 50% of its value, while XRP and Litecoin dropped by 40% from their recent highs.

It is worth noting that altcoins are tightly correlated to Bitcoin. They tend to follow the lead of the first digital currency. However, during the bear's market, the smaller coins tend to nurse more substantial loses that Bitcoin, as altcoins are regarded as more risky assets.

"When things are going up bitcoin tends to outperform and when crypto goes down the altcoins tend to take larger losses," Mati Greenspan, a senior analyst at eToro commented.

At the time of writing, Bitcoin (BTC) is changing hands at $9,700. The coin has gained about 3% since this time on Wednesday, though it is still down 17% on a week-on-week basis. NEO, DASH and Bitcoin SV appears to be the biggest losers with 28% of losses on a weekly basis.

Author

Tanya Abrosimova

Independent Analyst

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.

Jupiter rises on native SOL staking, TVL rebound

Jupiter edges higher by 3% at press time on Tuesday, approaching the $0.1700 level. The lending protocol announced native staking as collateral, allowing users to borrow against natively staked SOL on certain vaults.

Rocket Pool price extends rally as Saturn One upgrade boosts sentiment

Rocket Pool price extends its gains, trading above $2.80 on Tuesday after rallying over 58% in the previous day. The upcoming Saturn One network upgrade on Wednesday has fueled renewed buying interest.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: BTC bears aren’t done yet

Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.