Altcoins endured a brutal wave of selling late on Jan. 20, as their market capitalization briefly cratered to $1.26 trillion before recovering and consolidating above $1.3 trillion in the early hours of Wednesday.

This trend mirrored a broader exodus from risk assets on Wall Street, where U.S. stocks suffered their most significant one-day rout in months. The decline mirrored U.S. stocks, which posted their biggest drop in months as geopolitical tensions between Western powers over President Donald Trump’s threat to take over Greenland continued to unfold.

Leading the retreat were the market’s heavyweights. Ethereum ( ETH) bore the brunt of the volatility, crashing below the psychological $3,000 threshold for the first time since Jan. 2. After starting the week with momentum above $3,340, ETH plummeted to $2,950 by 6:30 a.m. EST on Jan. 21. This 11% weekly slide erased approximately $40 billion from ethereum’s market cap in just 48 hours.

BNB similarly dragged on the market, sliding over 4.4% from $950 on Jan. 19 to roughly $870. While BNB’s 7% weekly decline was more resilient than ethereum’s, the sell-off highlighted a universal “risk-off” sentiment, even as BNB clung to its position as the world’s fourth-largest digital asset. XRP showed remarkable relative strength, with 24-hour losses held under 2%, though it remains down double-digits on the weekly chart.

The most dramatic casualty was the privacy-centric monero ( XMR), which went into a freefall, plunging 17.4% in 24 hours. This brought its weekly losses to a staggering 31.5%. Monero’s descent follows a suspicious rally that peaked at an all-time high of $797 on Jan. 14, now widely believed to have been fueled by scammers laundering $282 million in stolen funds via the privacy token.

Read more: Red Everywhere: Stocks Stumble, Bitcoin Slips Below $88K as Tariff Fears Bite

Adding to the bearish pressure, news surfaced that Binance intends to delist XMR in February, citing evolving regulatory standards. Bitcoin cash ( BCH) and zcash bucked the trend entirely, posting modest gains over the last 24 hours as some traders rotated into older and established assets.

The immediate future of the markets hinges on the World Economic Forum (WEF) in Davos. As President Trump prepares to address European leaders for the first time since the Greenland fallout, market watchers are bracing for a fresh spike in volatility. With the European Union reportedly weighing $117 billion in retaliatory tariffs, the so-called “Sell America” trade — which has already driven investors to gold and silver — threatens to keep the crypto market on high alert.

• What triggered the altcoin sell-off? Altcoins plunged as U.S. stocks posted their biggest drop in months amid geopolitical tensions.
• Which coins were hit hardest? Ethereum fell below $3,000, BNB slid over 7% weekly, and monero crashed 31.5%.
• Were there any exceptions?
  Bitcoin Cash and zcash posted modest gains as traders rotated into older assets.
• What’s next for markets globally?
  Volatility looms with the World Economic Forum in Davos and the EU’s $117 billion tariff threat.

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