Many old coins continue to experience The highly expected old SeasoN. Since these tokens continue to decrease, their weak performance has negatively affected the old market value, which led to one of the greatest wear in history.
Record depth drawdowns in the Altcoin market capitalization
When the negative mood grows in the crypto sector, the Altcoin market is in relation to growth. In one recent postLeading on-chain data and financial platform worldwide, such as Glassnode pointed out to a troubling development in old market dynamics.
Despite the expectations of a market -wide back rush ,, Altcoins still have difficulties because the moods and macroeconomic uncertainty have shifted. The caution of the investors still remains, how many safer investments choose, which further hinders a possible comeback for alts.
Glassnode data shows that the old market capitalization has decreased by over 234 billion US dollars in the past 2 weeks, which is due to a period of increased volatility. This broad surrender is one of the greatest absolute wear and tear that the market has ever seen in recent history.
It also underlines the persistent weakness in the entire sector, whereby only a few assets are kept. If the decline is extended, the development could shape the next trajectory of the market in the coming weeks because the volatility remains.
In addition, Glassnode found that the market mining is one of the 41 worst moments in about 1662 trading days in relation to the percentage. Although it appears serious, it is still in line with the most important sales in 2024. In addition, it is significantly less serious than the Luna/3AC collapse at the end of 2022 and miner migration in May 2021.
The Altcoin market currently shows a potential for more correction since the main subject Alts could not initiate any remarkable rally under unfavorable conditions. In the meantime, BitcoinThe greatest crypto assets are even more robust in the decreasing environment.
The strong resistance of Bitcoin is demonstrated exclusively by the realized losses of investors in the current cycle compared to previous scenarios. Glassnode outlined that BTC investors are included in around 520 million US dollars realized lossesWhich is one of the largest of this cycle. Although the numbers appear huge, it is far below the $ 1.3 billion recorded in August 2023, which was recorded in August 2023 Yen-Carry Whirlwind.
Is the Alts market a crucial step for an upcoming outbreak?
The Altcoin The market decline has caused fear and uncertainty among investors and crypto enthusiasts. So Milkybull Crypto, a market expert and trader who deals with the development Claims That the decline for the next trajectory of the market is of crucial importance.
This decline comes after the market has reached a new all -time high. According to the expert, this is probably a repetition test before the market will experience a higher run. As a result, the expert calls on investors to be steadfast because he provides for an increase to 2.9 trillion dollars in the coming months.
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