Altcoin Sector Takes One of Biggest Hits Ever in $234,000,000,000 Devaluation: Glassnode
The altcoin sector suffered “one of its biggest devaluations on record” amid the recent crypto market downtick, according to the digital asset analytics firm Glassnode. Glassnode notes in a new Analysis that altcoins experienced significant sell-side pressure in recent weeks as Bitcoin (BTC) outperformed every altcoin subsector. “We can evaluate the magnitude of the drawdown by assessing the 14-day change in the global altcoin market cap. Over the last fortnight, the altcoin market cap declined by $234B, with a small handful of events days recording a larger absolute drawdown. The severity of this drawdown underscores the scale of the capitulation event and can be reasonably considered to be an event within a bear market within the altcoin sector. This is quite interesting as Bitcoin does not appear to display the same relative weakness, suggesting a divergence is opening up between BTC and the rest of the digital asset landscape.” Sourc...