Saturday, June 10, 2023

Half Of The Top 30 Cryptocurrenices Are 80% Below Their ATH

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Half of the top 30 cryptocurrencies are 80% below their ATH with Bitcoin being down by 60% from ATH and remaining stuck below $30,000 so let’s have a closer look at our latest crypto news.

Half of the top 30 cryptocurrencies dropped by 80% from their all-time high. BTC got rejected from $30K and ETH slid below $2000 with the rest of the market being in the deep red zone. After major cryptos hit ATHs last November, BTC touched the $69,000 level at one point after a months-long bear market which brought 15 of the top 30 cryptocurrencies back 80% from their record highs. With the selloff extending in time with no signs of reversal, more projects are joining the adverse club.

Among the 30 biggest cryptocurrneices by market cap without Terra, UNI, DOGE, VET became the biggest losers, all down by 90% and SHIB and LINK lost 89% of their value as well. In a time of investors flooding the risk-off assets, BTC and ETH are seen as the blue chips cryptocurrencies which dropped 61% and 64% outperforming other digital assets. One of the most notable observations is that the native tokens by centralized exchanges like Binance’s BNB, FTT, and KCS all outperformed other altcoins. BNB and FTT are traded 67% and 69% below their ATH but only ranked as the 40th biggest project which is also down less than 50% from ATH.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Since approaching the $50,000 level, the community expected a run that will reverse the bearish sentiment and BTC registered eight consecutive weekly candles in the red. As per the BTC Fear and Greed Index, the overall marekt sentiment remained well in the extreme fear territory with the metrics sitting at $12. the index’s highest point recorded was around 50 during the previous run-up in late March. Bitcoin’s market domiannce is at 44.4% with investors aiming to hold the main crypto over the other risky crypto assets and the Bitcoin long weakness indicating that other altcoins could drown in the bloodbath before a noticeable market reversal happens.

As earlier reported, Ethereum remained stable above $1920 support zone and the price is now trading near the $2000 and 100 hourly simple moving average. There was a break above the major bearish trend line with resistance near $1980 on the hourly charts of the ETH/USD pair. The pair can rise further but the $2085 zone is a possible hurdle.

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