The cryptocurrency market endured one of its worst weeks of 2026 as a deepening bear market sent prices into a freefall. Bitcoin plunged to a fresh four-month low below $61,000, erasing over $20,000 from its mid-May peak near $83,000. The 15% weekly drop and 26% monthly decline wiped out roughly $400 billion in market capitalization, dragging the total crypto market cap down to $2.18 trillion. BTC dominance also slipped to 55.7%, reflecting broad altcoin losses.
Ethereum (ETH) crashed 17%, shattering the $1,800 support and falling to $1,600. Analysts warned that a continuation of the downtrend could push ETH toward $1,000, with only the $1,500 level offering temporary respite. Ripple’s XRP dropped 14% to $1.11, breaking below a key pennant pattern and now testing the psychologically important $1.00 support. A failure there could open the door to $0.80.
Cardano (ADA) suffered the heaviest blow among top-10 coins, plummeting 30% after the $0.24 support crumbled. The sell-off intensified following founder Charles Hoskinson’s announcement of a break, sending ADA to $0.15 where it now struggles to find footing. Binance Coin (BNB) endured a classic “bait and switch” breakout above $690, only to reverse and close the week 7% lower near $580. A breakdown below $580 could expose BNB to $500. Hyperliquid (HYPE) gave back all its recent gains, retesting the $60 breakout level after hitting a record $76 earlier.
A singular shock hit Zcash (ZEC), which tumbled 41% after technical vulnerabilities were uncovered. The news prompted former BitMEX CEO Arthur Hayes to dump his entire ZEC position, citing uncertainty. Meanwhile, institutional moves added to the turbulence: Strategy (formerly MicroStrategy) sold a small portion of its bitcoin holdings for the first time in years, triggering a wave of negative sentiment, while Strive Asset Management doubled down, purchasing $185 million worth of BTC to bring its total to nearly 19,000 coins. Long-time bitcoin skeptic Peter Schiff warned that a loss of $50,000 support could send BTC below $20,000.
Despite the gloom, some analysts see opportunities. Ethereum’s drop to 14-month lows was called a “screaming buy-the-dip opportunity,” suggesting that the intense sell-off may be overdone. However, with bearish momentum firmly in control, the market remains on edge as it searches for a definitive bottom.