Organization focusing on digital asset research for wealth managers and cryptocurrency service providers, 10x Research revealed its latest analysis of the top 115 altcoins, which concluded that the average price of cryptocurrencies has declined by 50% from their peak in 2024.
The company noted that unless there is a substantial improvement in cryptocurrency liquidity, these losses are expected to persist. Currently, Bitcoin (BTC) and Ethereum (ETH) show relative resilience, possibly because savvy traders are reallocating funds from altcoins to these major cryptocurrencies—a pattern observed in previous market cycles as well.
Furthermore, effective risk management has emerged as crucial during the current altcoin bear market. Factors such as token unlocking and negative liquidity indicators are seen by the firm as primary catalysts for the decline in altcoin prices. Presently, the majority of these 115 coins are experiencing a bearish trend, with 73% having reached their peak in March 2024.
The #Altcoin Bear Market: A Harsh Reality for Most #Traders -> https://t.co/5vow0cQH5B pic.twitter.com/XGoEhp8VrA
— 10x Research (@10x_Research) June 19, 2024
Cryptocurrency Market Shows Signs of Recovery, BTC And ETH Lead Gains
At the time of writing, cryptocurrency prices indicate signs of recovery following yesterday’s significant bearish movement.
BTC has rebounded to the $65,000 price level after dipping to $64,000 within the last 24 hours. This downward movement coincided with significant outflows totaling $152.4 million from spot BTC exchange-traded funds (ETFs), according to data from SosoValue. Presently, BTC is trading at $65,200, reflecting a 0.78% decrease over the past 24 hours. Bitcoin’s dominance in the market also experienced a slight decline of 0.57% to 54.23%, based on data from CoinMarketCap.
Meanwhile, over the past 24-hour period, ETH surpassed the $3,500 mark, accompanied by notable gains in Solana (SOL), XRP, Dogecoin (DOGE), and Shiba Inu (SHIB). As of the latest update, ETH is trading at $3,534, marking a 2.82% increase over the past 24 hours. CoinMarketCap data indicates that ETH’s lowest and highest points in the last 24 hours were $3,378 and $3,581, respectively.
The overall cryptocurrency market capitalization rose by 0.32% over the last day to reach $2.37 trillion. However, its total trading volume has seen a notable decline of 8.02% from yesterday, now totaling $87.99 billion.
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