Bitcoin Plunges 21%, Altcoins Shed 20% as $730 Billion Vanishes in 100 Days

▲ Bitcoin (BTC), gold, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), crypto market plunge/AI-generated image

The cryptocurrency market has experienced a massive downturn over the past 100 days, with an astronomical $730 billion wiped out, deepening concerns among altcoin investors.

According to crypto-focused outlet CryptoPotato on February 20 (local time), on-chain analyst GugaOnChain reported that approximately $730 billion in market capitalization has vanished from the digital asset market since November 22 last year. Bitcoin (BTC) saw its market cap plunge 21.62% from $1.69 trillion to $1.34 trillion, while the combined market cap of the top 20 coins excluding Bitcoin and stablecoins fell 15.17% from $1.07 trillion to $810.65 billion.

Mid- and small-cap altcoins were hit particularly hard, with their total market capitalization tumbling 20.06% from $390.38 billion to $267.63 billion. Whale activity has also raised concerns. Data from Arab Chain shows that whale inflows to the global exchange Binance averaged $8.3 billion over the past 30 days, marking the highest level since 2024. This is interpreted as a sign that major holders may be preparing to liquidate positions or rebalance portfolios, increasing downward pressure on prices.

Network activity indicators also point to a clear slowdown. Market analytics firm Santiment reported that Bitcoin’s active supply has stagnated, while the number of unique addresses participating in transactions has dropped 42% compared to 2021. New address creation has also decreased by 47%, signaling social apathy and declining participation among market players. The weakening of these on-chain metrics, combined with falling prices, underscores the market’s prolonged slump.

From a technical analysis perspective, Bitcoin has begun showing defensive movement toward the true average acquisition price of around $54,900. On-chain data analytics firm Glassnode noted that Bitcoin has fallen below the true market average price, warning of the possibility of further declines. The accumulation trend score remains at 0.43—well below 1.0, which would signal aggressive buying by large whales—indicating that sellers still dominate the market.

The total cryptocurrency market capitalization is currently moving sideways at around $2.4 trillion, while both the Relative Strength Index and the Altcoin Season Index stand at a neutral level of 45. Bitcoin dominance remains near 57%, suggesting that capital is not rotating into altcoins. Investors are maintaining an extreme wait-and-see stance, closely monitoring the market’s direction until signs emerge of easing volatility and a recovery in on-chain activity.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*