While Bitcoin remains above $71,000, seeking stability, several altcoins have suffered steep declines, with Fartcoin experiencing the sharpest fall.
The meme coin plummeted 28% from its Thursday morning high to approximately $0.178, based on CoinGecko data. This week’s price movements reveal that Fartcoin had risen from $0.166 on Tuesday to $0.247 by yesterday, marking a 48% increase in less than two days.
This surge was followed by a swift reversal, resulting in the liquidation of $48 million in long positions and $3.7 million in short ones within the last 24 hours, according to CoinGlass. This event represented the highest liquidation for the meme coin since November 2025, highlighting its volatility. In a 24-hour rolling window, liquidations reached $51 million, ranking third after Bitcoin and Ethereum.
Enjin Coin saw similar trends, jumping from $0.020 on Wednesday to $0.0383, an 86% gain. Consequently, $3.8 million worth of positions were erased over 48 hours, the largest such event for the token since April 2025.
Most liquidations took place on decentralized exchange Hyperliquid, which recorded $85 million in 24-hour liquidations, outpacing centralized exchanges like Binance, Bybit, and Gate.
“The recent surge in altcoin volatility is primarily due to a mix of declining macro risk appetite and tightening on-chain liquidity,” Tim Sun, senior researcher at HashKey Group, told Decrypt.
Sun pointed out that altcoins often have shallow market depth and high concentration of holdings. In times of liquidity contraction, market makers and short-term speculative capital tend to profit by inflating prices and then distributing them, leading to the pattern of sharp rises and falls.
Algorand, Bittensor, and World Liberty Financial, which had risen significantly last week, have dropped between 5% and 9% over the past day, reflecting a narrative-driven capital rotation.
Attention now turns to Bitcoin, whose performance could determine the current market outlook.
The fragile ceasefire between the U.S. and Iran remains uncertain, with experts citing ambiguity on the Lebanon front as a contributing factor.
In a Wednesday post on TruthSocial, former U.S. President Donald Trump stated, “All US ships, aircraft, and military personnel and anything else that is appropriate and necessary for the lethal prosecution and destruction of Iran, will remain in place in, and around, Iran, until such time as the real agreement is reached and fully complied with.”
“If for any reason it is not, which is highly unlikely, then the ‘Shootin’ Starts,’ bigger, and better, and stronger than anyone has ever seen before,” he added.
This breakdown shifted sentiment on prediction market Myriad, owned by Decrypt’s parent company Dastan. Users now see a 66% chance that crude oil’s next move will be an increase to $120—down from 89% on Tuesday when the ceasefire was announced.
Despite uncertainties, Bitcoin has maintained its position above $70,000, trading around $71,100, down 0.5% over the past day according to CoinGecko data.