Although Bitcoin’s 10% slump certainly makes for uncomfortable reading, it’s fair to say that most altcoins have had it a lot worse.
Ether has fallen by 15% over the past 24 hours — dragging it below $3,000. While the world’s second-largest cryptocurrency has won plaudits for outperforming BTC in terms of gains, it seems that this also results in outsized losses when markets turn bearish.
Things get even more painful for Binance Coin, which is down 17.3% over the past day and 36.63% over the past week.
Declines of about 15% have also been seen for Cardano and Dogecoin. But on the bright side, XRP and Polkadot appear to be weathering the storm a little better, minimizing their falls to 9% and 7.5% respectively.
Only a small handful of altcoins in the top 100 have actually managed to see their price appreciate (when stablecoins are excluded for obvious reasons.) Polygon has shrugged off market woes to accelerate 11.5% over the past 24 hours, while Fantom is up 3.72%. Rounding off the list is SushiSwap, up 2.83%.
All told, the panic has wiped $350 billion off the total market cap of all cryptocurrencies in under 24 hours, dragging the industry’s collective valuation under the $2 trillion mark.
Alarm Bells Are Ringing
The Fear & Greed Index — which mainly specializes in gauging sentiment surrounding Bitcoin — is now flashing a score of 23, indicating there is Extreme Fear among investors. This is a sudden reversal of fortunes to say the least. Last week and last month, high scores had meant that Greed was the overarching theme.