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Bitcoin Faces Market Slowdown as Altcoins Extend Losses

Jonathan Carls by Jonathan Carls
February 20, 2025
in Binance Feed, Market
Reading Time: 3 mins read
Bitcoin Faces Market Slowdown as Altcoins Extend Losses
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  • Bitcoin Outperforms Altcoins Despite Market-Wide Crypto Correction Since February
  • Memecoins Face Sharpest Drawdowns, Dropping 37.4% After Late 2024 Surge
  • Ethereum Lags as Solana Retraces to 7.6x, While BTC Holds Long-Term Growth

The cryptocurrency market has entered a period of stagnation following an unsuccessful attempt to push Bitcoin (BTC) into price discovery. Over the past month, major assets have faced sharp corrections, with Bitcoin, Ethereum (ETH), and Solana (SOL) all posting notable declines. 

While BTC has shown resilience compared to other assets, the broader market has struggled to regain upward momentum. Notably, memecoins, which saw an impressive rally in late 2024, have undergone the steepest correction among major crypto assets.

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Market Performance and Declines

Since February, Bitcoin has dropped by 5.9%, reflecting a slowdown in its previous rally. Ethereum and Solana have performed worse, recording losses of 16.9% and 33.1%, respectively. 

Memecoins, which surged 90.2% in late 2024, have suffered the sharpest downturn, declining by 37.4%. These corrections highlight a shift in market sentiment, with traders showing increased caution as volatility returns.

Market's momentum has stalled after an attempt to push #Bitcoin into price discovery. $BTC is down 5.9% since Feb, while $ETH and $SOL have dropped 16.9% and 33.1%. Memecoins, which surged 90.2% in late 2024, have seen the sharpest correction at -37.4% https://t.co/r3bgR1WY9E pic.twitter.com/SFLnwCFn70

— glassnode (@glassnode) February 20, 2025

Despite the recent pullback, Bitcoin has maintained a steady trajectory since early 2023. Currently, BTC is trading at 3.4 times its April 2023 price, demonstrating long-term growth. 

Solana had a more significant run, peaking at 11.8 times its previous value before retracing to 7.6 times. 

Ethereum has lagged behind, fluctuating between 1.3 times and 2.0 times its April 2023 value. Memecoins, which once mirrored Solana’s upward trajectory, have seen the worst drawdowns, signaling investor rotation away from high-risk assets.

Since early 2023, #BTC has maintained a steady trajectory, trading 3.4x above April 2023. #SOL peaked at 11.8x but has retraced to 7.6x. #ETH has lagged, ranging between 1.3x and 2.0x. Memecoins, once aligned with $SOL, have now seen the worst drawdown: https://t.co/7L3KzZxoPX pic.twitter.com/8JzdnIlswE

— glassnode (@glassnode) February 20, 2025

Current Prices and Market Capitalization

Bitcoin is trading at $97,298.12, reflecting a 1.10% gain over the last 24 hours and a 1.08% increase over the past week. The asset’s market capitalization stands at $1.93 trillion, supported by a circulating supply of 20 million BTC. 

Meanwhile, Ethereum is valued at $2,742.15, with a market cap of $330.59 billion and a circulating supply of 120 million ETH. Solana has seen a more significant decline, trading at $173.28, with a market cap of $84.69 billion and a circulating supply of 490 million SOL.

Tags: Bitcoin (BTC) NewsMarket News

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