The Altcoin sector has undergone “one of its largest devaluations never recorded” in the middle of the recent cryptography market, according to the digital asset analysis firm.
Glassnode Notes in a new analysis that altcoins have experienced significant sales pressure in recent weeks while Bitcoin (BTC) has surpassed each Altcoin sub-sector.
“We can assess the magnitude of the attraction by evaluating the 14 -day change in the world market capitalization of Altcoin. During the last fortnight, the Altcoin market capitalization decreased by 234 billion dollars, with a small handful of days of events recording a greater absolute draw.
The severity of this decklessness highlights the magnitude of the capitulation event and can be reasonably considered as an event within a lower market in the Altcoin sector.
This is quite interesting because Bitcoin does not seem to display the same relative weakness, suggesting that a divergence opens between BTC and the rest of the landscape of digital assets. »»
Bitcoin is traded at $ 96,933 at the time of the editorial staff. The cryptographic assets best classified by market capitalization is increasing by almost 2% in the last 24 hours.
Bitcoin Dominance (BTC.D) is currently 61.18% and is up more than 5.5% in the last month, according to tradingView data. Traders use BTC.D to follow if altcoins are underperforming or outdated Bitcoin because metric calculates the share of cryptographic market capitalization at BTC.
Do not miss a beat-Subscribe to obtain alerts by e-mail delivered directly in your reception box
Check price action
Follow us XFacebook and telegram
Surf the daily Hodl mixture
& nbsp
Warning: Opinions expressed at Daily Hodl are not investment advice. Investors should make their reasonable diligence before making high-risk investments in bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and that all the losses you may undergo are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and the Daily Hodl is an investment advisor. Please note that the Daily Hodl is participating in affiliation marketing.
Image generated: Midjourney
