Domino Effect in Tech Stocks: Weekly Altcoin Losses Near 10 Percent

The cryptocurrency market, led by Ethereum (ETH), XRP, and Dogecoin (DOGE), is closing the week in the red following a sell-off wave triggered by a sharp decline in tech stocks.

Waning risk appetite in global markets continues to pull cryptocurrencies down in what can be described as a domino effect. In particular, the retreat in the shares of tech giants is putting significant pressure on digital assets, while the Bitcoin (BTC) price struggles to hold the $60,000 mark.

Ethereum (ETH) fell to $1,555, losing 5.6 percent in the last 24 hours, marking the sharpest decline among large-cap assets at 7.9 percent on a weekly basis. XRP dropped to $1.03 with a 4.9 percent loss, while the popular meme coin Dogecoin (DOGE) is trading at $0.074, down 9.8 percent for the week. Solana (SOL), meanwhile, showed a more resilient stance compared to its rivals, with a weekly loss of 1.2 percent.

Tech Stocks Shake the Crypto Market

A 6.1 percent decline in Apple shares and cost concerns regarding AI-focused chips pushed global stock markets to a two-week low. South Korea’s Kospi index fell by 9 percent, reaching the point of halting trades, and this negative sentiment was directly reflected in the cryptocurrency market. Analysts state that investor interest is shifting toward the artificial intelligence sector rather than crypto, with market liquidity flowing in that direction.

Although Bitcoin (BTC) spiked down to the $58,000 level during the day, it is trying to stabilize around $59,888. Experts emphasize that the region between $50,000 and $60,000 has historically been an area where buyers step in.

Critical Support Levels for Bitcoin

Part of the selling pressure in the market stems from large-scale investors selling into a market that is slow to absorb the additional supply. For bulls to regain control, the $61,000 to $62,000 range must be surpassed, while the $55,000 level is being monitored as the most important support point in downward movements.

While the cryptocurrency market finds itself caught under a tech sell-off wave it did not initiate, investors are advised to keep their position sizes at rational levels. In the current outlook, it is observed that altcoins are weakening faster than Bitcoin and the market is undergoing a general cooling-off period.