Altcoins Continue Capitulation — Layer Ones Down More Than 75%, Others More Than 90%
Altcoins

Altcoins Continue Capitulation — Layer Ones Down More Than 75%, Others More Than 90%

4 months ago

Altcoins continue getting hammered across the board, with several L1s down more than 80% and other altcoins exceeding losses of 90%.

Altcoins Continue Capitulation — Layer Ones Down More Than 75%, Others More Than 90%

İçindekiler

Tuesday saw carnage in the markets, and especially altcoins continue to get beaten up by a brutal sell-off.

Ethereum (ETH) was the best out of a really bad bunch. At the time of writing, it is down 14% over the last 24 hours and 33% over the last seven days.
Solana (SOL) continued its sell-off and is currently down 16% over the last 24 hours and 52% over the last seven days. It has lost more than 80% from its all-time high of over $240.
Dogecoin (DOGE) did comparatively well, and is "only" down 14.5% over the last 24 hours and 42% over the last seven days. Of course, DOGE was already in a brutal bear market before that and is now down around 90% from its all-time high a year ago.
Avalanche (AVAX) is another victim of the sell-off. While it is up 2% over the last 24 hours, it is down more than 50% over the last seven days and trades almost 80% below its all-time high.
Near Protocol (NEAR) is another layer-one blockchain that was expected to do great but has suffered a 50% drawdown over the last seven days. It is down 70% from its all-time high around $20.

Will The Sell-Off Continue?

Analysts and commentators are unsure whether "the bottom" is in now or whether the market sell-off will continue.

Macro expert Raoul Pal foresees an imminent recession, leading to equity markets undergoing a pretty heavy correction.

Pal acknowledges that crypto is in "full panic mode" now but also says that he sees crypto as a long-term investment, where the exponential upside is paid by volatility.

Huobi researcher Barry Jiang told Decrypt that he expects the bottom for Bitcoin to be between $20,000 and $25,000, implying there may be further downside to come.

While markets struggle to find some consistency, it will take a long time for many of the altcoins to regain their previous highs.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
20 people liked this article