The altcoin market is experiencing significant declines, with major tokens such as Cardano (ADA) and Polkadot (DOT) dropping nearly 70%. Despite strong trading volumes in major cryptocurrencies like Bitcoin and Ethereum, which recorded $85.14 billion and $77.78 billion in daily volume respectively, the altcoin market remains under pressure. CryptoPulse has described the current situation as a "mass extinction event," challenging the anticipated "altseason" narrative. The widespread losses have been severe, with XRP falling close to 60% and Ethereum dropping roughly 50%. This trend highlights the persistent weakness in the altcoin market, where selling pressure continues to outweigh demand, and recovery attempts have been limited.