Half of Top 30 Cryptocurrencies 80% Below ATH

As BTC will get rejected from $30,000 and ETH slides under $2,000, the broader crypto market is deep within the pink zone. As of now, half of the highest 30 cryptocurrencies are 80% (or extra) down from ATHs.

Altcoins in Bloodbath

After main cryptocurrencies hit ATHs final November, with Bitcoin touching the $69,000 stage at one level, a months-long bear market has brought 15 of the highest 30 cryptocurrencies 80% down from their file highs. As the selloff extends in time with no indicators of quick reversal, extra initiatives might be part of this adversarial “membership” within the close to future.

Among the 30 largest cryptocurrencies by market cap – excluding Terra from such a consideration – UNI, VET, and DOGE are the largest losers, all down greater than 90%. SHIB and LINK – have at the moment misplaced 89% of their worth – comply with carefully.

In a time of traders flooding into risk-off property, Bitcoin and Ethereum are seen because the blue-chips cryptocurrencies. They have dropped 61% and 64%, respectively, outperforming different main digital property.

One of the notable observations is that native tokens by centralized exchanges, together with Binance’s BNB, FTX’s FTT, and (*30*)’s KCS, have barely outperformed different altcoins. BNB and FTT are being traded 67% and 69% under ATH, and KCS, although solely ranked because the fortieth largest mission, is down lower than 50% from ATH.

Extreme Fear Reigns

As reported beforehand by CryptoPotato, since approaching the $50,000 stage on the finish of March, when the group anticipated a run that might reverse the bearish sentiment, BTC has registered eight consecutive weekly candles in pink.

According to the BTC Fear and Greed Index, the general market sentiment has regularly remained properly inside the “excessive worry” territory, with the metrics sitting right now at 12. The index’s highest level recorded this 12 months was round 50 in the course of the aforementioned run-up in late March.

Bitcoin’s market dominance at the moment sits at 44.4%, as traders have a tendency to carry the first cryptocurrency over different dangerous crypto property. Meanwhile, BTC’s months-long weak spot normally signifies that altcoins’ massacre might deepen earlier than a noticeable market reversal happens.


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About the Author: Daniel