2024

Thing

Echoes

The once-sizzling altcoin market is facing a harsh reality check. Prices have plummeted a staggering 40-90% in recent months, mirroring past crashes but with a glacial pace that’s leaving investors numb. Renowned crypto analyst Daan Crypto sees this as a necessary correction, albeit a slow and potentially painful one. 
<h2 data-sourcepos="5:1-5:49" id="strong-echoes-of-crashes-past-but-with-a-muted-roar-strong">Echoes Of Crashes Past, But With A Muted Roar</h2> 
Seasoned crypto veterans might be experiencing a sense of deja vu. The scene: <a href="https://www.coingecko.com/" target="_blank" rel="noopener nofollow">altcoin prices</a> in freefall, portfolios hemorrhaging value. The twist? This bear market, while no less brutal in its outcome, lacks the ferocious speed of its predecessors. Unlike the gut-wrenching plunges witnessed during the 2020 pandemic crash, the current decline is a slow burn, dragging on for months. 
While the current situation might seem bleak, there’s a crucial distinction from past crashes, explains Daan Crypto. The drops are significant, but they’re happening at a <a href="https://x.com/DaanCrypto/status/1802960676220014828?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1802960676220014828%7Ctwgr%5E478300c7bde79de967cca8f3a7ed57bf8a84adcd%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.tronweekly.com%2Faltcoin-market-drops-40-90-analyst-predicts%2F" target="_blank" rel="noopener nofollow">slower pace.</a> This could indicate a more drawn-out correction phase for the market. 
<blockquote class="twitter-tweet"> 
 At this point alts have come down about 40-90%. Although it wasn’t as violent as during the covid crash, the end result has been roughly the same for many coins. 
 We’re just doing everything slower this time around. 
 Thing is, back then alts had barely moved up until that point.… <a href="https://t.co/xSxzme3IlH" rel="nofollow">pic.twitter.com/xSxzme3IlH</a> 
 — Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1802960676220014828?ref_src=twsrc%5Etfw" rel="nofollow">June 18, 2024</a>
</blockquote> 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-625391" src="https://www.newsbtc.com/wp-content/uploads/2024/06/A_07bdf0.png?resize=1024%2C632" alt="" width="1024" height="632" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/A_07bdf0.png?resize=1024%2C632?w=1430 1430w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_07bdf0.png?resize=1024%2C632?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_07bdf0.png?resize=1024%2C632?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_07bdf0.png?resize=1024%2C632?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_07bdf0.png?resize=1024%2C632?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_07bdf0.png?resize=1024%2C632?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
This measured descent presents a double-edged sword for investors. While it offers a (somewhat) less terrifying experience, it also extends the period of financial pain. The silver lining, according to Daan Crypto, lies in the muted highs altcoins reached before the crash. Unlike previous cycles where altcoins skyrocketed before plummeting, their pre-crash performance this time around was more tempered. 
The relatively lower highs suggest the market might not be as overheated as in the past. This could mean a potentially faster recovery once the correction runs its course. 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/US0VYFdj/" width="1835" height="883"> 
<h2 data-sourcepos="15:1-15:53" id="strong-deja-vu-or-deja-boom-analyst-sees-echoes-of-2020-strong">Deja Vu Or Deja Boom? Analyst Sees Echoes Of 2020</h2> 
Looking beyond the immediate<a href="https://www.tradingview.com/markets/cryptocurrencies/global-charts/" target="_blank" rel="noopener nofollow"> altcoin</a> downturn, Daan Crypto draws parallels between the current market and the events of 2020. The analyst points to the strong performance of the market in 2023, particularly impressive for a year following a bear market. This mirrors the robust performance of late 2019, which preceded the 2020 crash. 
<img loading="lazy" decoding="async" class="wp-image-625402 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/A_054473.png?resize=868%2C300" alt="" width="868" height="300" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/A_054473.png?resize=868%2C300?w=868 868w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_054473.png?resize=868%2C300?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_054473.png?resize=868%2C300?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_054473.png?resize=868%2C300?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_054473.png?resize=868%2C300?w=750 750w" sizes="(max-width: 868px) 100vw, 868px" data-recalc-dims="1"> 
If we compare 2023 to 2019 and 2024 to 2020, there are some interesting similarities, the analyst observes. Just like 2020, which witnessed a mid-year slump followed by a strong year-end recovery, 2024 might be following a similar trajectory. 
This historical comparison offers a glimmer of hope for investors weary of the current downturn. The possibility of a later-year rebound, similar to what transpired in 2020, could provide a much-needed boost to market sentiment. 
Featured image from DeviantArt, chart from TradingView

Altcoin Massacre? Prices Plummet 40-90%, Recovery Stalled — Analyst

Table of Contents

NewsBTC

Other articles published on Jun 19, 2024

Lido Staked Ether Rises More Than 3% In 24 hours

Keplr Wallet Extension – Get Atom Airdrop by using Keplr Wallet Extension

Polkadot's Price Increased More Than 4% Within 24 hours

Why is Render Network (RNDR) Crypto Price Pumping?

MoonBag Taking The Limelight Over Solana and Binance As the Top Crypto Presale with 88% APY, $1 P...

Whales Accumulate $CRV Amid Post-Liquidation Crisis

Join our free newsletter for daily crypto updates!