Gate News reports that on March 20, the altcoin market is experiencing a significant decline, with major tokens like Cardano (ADA) and Polkadot (DOT) dropping nearly 70%. Despite strong trading volumes in major cryptocurrencies such as Bitcoin and Ethereum, with daily volumes of $85.14 billion and $77.78 billion respectively, the altcoin market remains under pressure. CryptoPulse describes the current situation as a “mass extinction event,” challenging the market’s expectation of an “altcoin season.” The market has suffered widespread losses, with XRP falling nearly 60% and Ethereum dropping about 50%. This trend highlights the ongoing weakness in the altcoin market, with selling pressure exceeding demand and limited recovery attempts.
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