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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InIn a move reflecting intensifying selling pressure across digital asset markets, the total altcoin market capitalization dropped below the $880 billion threshold during Friday's trading session. According to reports, altcoins recorded a significant 22% weekly slide, which has notably shaken trader confidence across the sector. Zcash emerged as the hardest-hit major token, with its price crashing over 40% to reach $264.80.
This collapse comes as major cryptocurrencies face similar headwinds, with Ethereum (ETH) falling approximately 18% over the last seven days per market data, driven by broad liquidations of long positions. In comparison to sector-related equities, Coinbase (COIN) shares declined about 5% over the past week, while Ethereum spot ETFs recorded net outflows according to Bloomberg data, reinforcing a negative outlook on short-term liquidity.
Traders should closely monitor key technical support levels for Ethereum as it trades near critical zones as of the close on June 5, 2026. Looking ahead at the economic calendar, upcoming speeches from Federal Reserve officials, including Chair Powell and Governor Waller, may dictate dollar strength and subsequently impact risk appetite in the crypto market over the coming week.