Altcoin Sector Takes One of Biggest Hits Ever in $234,000,000,000 Devaluation: Glassnode – Crypto News – Crypto News
Connect with us
Altcoin Sector Takes One of Biggest Hits Ever in $234,000,000,000 Devaluation: Glassnode Altcoin Sector Takes One of Biggest Hits Ever in $234,000,000,000 Devaluation: Glassnode

others

Altcoin Sector Takes One of Biggest Hits Ever in $234,000,000,000 Devaluation: Glassnode – Crypto News

Published

12 months ago

on

The altcoin sector suffered “one of its biggest devaluations on record” amid the recent crypto market downtick, according to the digital asset analytics firm Glassnode.

Glassnode notes in a new analysis that altcoins experienced significant sell-side pressure in recent weeks as Bitcoin (BTC) outperformed every altcoin subsector.

“We can evaluate the magnitude of the drawdown by assessing the 14-day change in the global altcoin market cap. Over the last fortnight, the altcoin market cap declined by $234B, with a small handful of events days recording a larger absolute drawdown.

The severity of this drawdown underscores the scale of the capitulation event and can be reasonably considered to be an event within a bear market within the altcoin sector.

This is quite interesting as Bitcoin does not appear to display the same relative weakness, suggesting a divergence is opening up between BTC and the rest of the digital asset landscape.”

Source: Glassnode

Bitcoin is trading at $96,933 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.

Bitcoin dominance (BTC.D) currently stands at 61.18% and is up more than 5.5% in the past month, according to data from TradingView. Traders use BTC.D to track whether altcoins are underperforming or outperforming Bitcoin as the metric calculates how much of the crypto market cap belongs to BTC.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending