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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced a significant price drop of 10%, according to CoinGecko data. The altcoin plummeted to an intraday low of $1,601, with the sell-off intensifying.

Bitcoin (BTC), the leading cryptocurrency, also declined, falling below $79,000 to a new intraday low of $78,882. However, its losses were less severe than Ethereum's. The ETH/BTC ratio reached its lowest point since March 2020.

Analyst Adam Cochran lightheartedly commented on X, stating, "I, for one, am super excited to get to buy ETH at double digits again."

Dogecoin (DOGE) and Solana (SOL) also neared double-digit losses.

The cryptocurrency market downturn follows a significant loss of over $6 trillion in the U.S. stock market over two days earlier this week. Despite Bitcoin's relatively strong performance during that initial crash, it now reflects increased risk aversion.

Prominent angel investor Jason Calacanis predicted a potential Bitcoin price drop to $60,000 this year. Fox Business reporter Charles Gasparino reported that major Wall Street trading desks are bracing for intense selling, drawing comparisons to the 2008 market crash.

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