The tariff shock triggered by U.S. President Donald Trump has hit the virtual asset market, putting the price defense capabilities of various cryptocurrencies to the test. Over the past week, a total of 9 altcoins recorded a smaller decline compared to Bitcoin (BTC), with Partcoin (FART) and EOS ranking 1st and 2nd in price defense, respectively.
As of 2:30 PM on the 8th, according to CoinMarketCap, a comparison of price changes for virtual assets over the past 7 days revealed that 9 types of altcoins showed relative strength compared to BTC. Amid the virtual asset market's plunge following Trump's tariff announcement on the 2nd, some altcoins demonstrated more solid price defense than BTC, the 'virtual asset leader'. Altcoins such as △FART △EOS △OKB even managed to increase in price during this period. In the same period, BTC's price fell by only 4.2%.
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FART, which surged by 21.53% over the past 7 days, is a Solana (SOL)-based meme coin. Released in October last year during the Solana-based meme coin craze, it is classified as a new coin. It is mainly traded on decentralized exchanges (DEX) and is not listed on the top 5 domestic virtual asset exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax).
Among the altcoins showing high price defense, the coins that can be traded on the top 5 domestic exchanges are △EOS △Mantra (OM) △Tron (TRX) △Maker (MKR) △Cosmos (ATOM). Among these, EOS rose by 8.72% over the past week, showing a notable upward trend. EOS is a virtual asset ranked 56th in total market capitalization and has been traded since 2017. Once holding the top trading volume in Korea and enjoying high popularity among domestic investors, EOS has once again demonstrated its presence during this downturn.
However, in the overall altcoin performance against BTC, BTC still remains dominant. The CoinMarketCap 'Altcoin Season Index' on this day is 17, indicating a BTC-strong market. This index indicates BTC dominance when close to 0, and altcoin dominance when close to 100.
BTC's market share in the virtual asset market also approached 62.7% on this day. This is a nearly 10 percentage point increase in market share over 4 months, compared to the 55.9% during the market's peak in December last year. Arthur Hayes, former BitMEX CEO, noted on X, "While some altcoins are entering a buying zone, we should pay attention to BTC's market share rising towards 70%," and "Most altcoins are not yet at a buying timing."
- Reporter Kim Jung-woo
- woo@sedaily.com
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