Overall open interest on COAI was just $6.3M, as with other tokens, expecting a breakout. In other words, the crypto market no longer seems ready to lift everything that moves. The next cycles could mainly reward projects that have real use, visible traction, and measurable utility. The rest could continue to lag, even in a more favorable environment.
- The downdraft was spearheaded by ethereum (ETH), which suffered a 4% intraday slide.
- Ethereum fell below the $2,000 mark, Binance Coin traded just above $610, and XRP remained below $1.35 after testing resistance near $1.30 earlier in the week.
- The altcoin market endured a brutal session on Friday, March 27, as investors aggressively unwound positions in a frantic flight to liquidity.
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The decline continued into the weekend, sending Bitcoin to $65,500 on some exchanges, its lowest level since early March. The volatility proved fatal for overleveraged traders, triggering nearly $120 million in long liquidations. While ETH attempted a brief midday recovery above $2,000, the rally lacked conviction, and the asset was once again trading below the threshold at press time. The altcoin market suffered a sharp sell-off on Friday, with total capitalization dropping below $1 trillion for the first time in weeks. The altcoin market also changed its profile, with more numerous listings, but lower overall value.
During previous cycles, the crypto market could still create the illusion that a big collective rebound was possible. Too many assets fight for liquidity that has become more selective. This does not mean that the entire altcoin universe is doomed. It means that the majority of weak projects risk being ignored longer than before. This latter idea is a coherent inference with the liquidity dilution described by several sources. These crypto coins have their own blockchains which use proof of work mining or proof of stake in some form.
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In March 2026, more than 40% of altcoins are trading near their all-time lows. This level even exceeds the peak observed during the previous bear market, which was around 38%. In other words, the current weakness is no longer just a simple air pocket.
Get crypto market analysis and curated news delivered right to your inbox every week. Bitcoin returned to the $72,000 area on Wednesday, which marked its weekly high. Sellers then bramridge regained control and pushed the asset back to $69,000 by Friday.
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Mitrade does not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of our products. All of our products are over-the-counter derivatives over global underlying assets. Mitrade provides execution only service, acting as principal at all times. Chain Opera AI (COAI) is the most longed token according to Alphractal. Over 83% of COAI traders took up long positions, with most of the open interest on Binance.
Most large-cap altcoins also moved down during the same period. Ethereum fell below the $2,000 mark, Binance Coin traded just above $610, and XRP remained below $1.35 after testing resistance near $1.30 earlier in the week. The major risk for those tokens is that short positions may be liquidated by deliberate targeting.
