A few altcoins that are among the top 100 by market cap have hit historic lows with the latest drop. The bad news is that investors who give up are likely to push prices to new lows…
Bitcoin faces more losses: Altcoin market may follow
CryptoQuant analyst Crazzyblockk stated in a new report that in the current market cycle, the unrelenting decline in the realized price of Bitcoin’s short-term investors puts the BTC price at risk of further declines. This metric is often used to assess the overall health of the BTC market.
In his report, the analyst compared the actual price of short-term investors in the 2019-2020 price cycle of BTC and the current price cycle. Accordingly, when the realized price of short-term investors fell below the market price in the previous cycle, “the maximum loss applied to short-term investors between 1-6 months was around 40-45%.”
In the current price cycle, the realized price of short-term investors is above the market price. But it was much closer to the market price than it was in the 2019 price cycle. The analyst stated that this means that short-term investors are not as lost as in the 2019 price cycle. This was because the losses suffered by this group of investors only ranged from 4-9% at press time.
Therefore, the continued decline in the realized price of short-term investors exposes them to the risk of further losses. It also puts the overall market at risk of further declines in Bitcoin price. This puts the altcoin market at risk of further declines.
These 7 popular coins are spending time at historic lows
The bitcoin and altcoin market has lost double-digit value since August 18. Behind the decline was the Fud news that emerged on these dates. One of them was the SpaceX news, which we transferred as Kriptokoin.com, that started to melt its Bitcoin reserves. Together with the sales that took place this week, the bottom passengers, including names such as ALGO and APE, were:
- Algorand (ALGO): ALGO price registered ATH at $3.27 in 2019. However, with the last drop, it dropped 97% from its peak price. The popular altcoin recorded a historic low of $0.08 this week.
- Flare Networks (FLR): FLR price is down 74% since the $0.05 ATH level. It is currently trading new lows in the $0.012 region.
- Flow (FLOW): FLOW touched the historical bottom price of $0.39 this week. Thus, the ATH level suffered a massive 99% drop from $43
- Internet Computer (ICP): ICP is losing 99% from the $700 ATH it recorded in 2021. It hit $3.15 ATL this week. As a result, the altcoin price has lost 99.5% since the peak.
- Mina (MINA): MINA registered ATH at $7.9. However, with the 95% drop afterward, the ATL level reached $0.35.
- Sui (SUI): SUI is currently trading in the $0.45 region. This bottom represents a 77% drop from the top price of $2.
- Apecoin (APE): Apecoin has been in trouble lately. Along with the falling NFT sales, the price has gained a significant downward momentum. As quoted by Kriptokoin.com, the ATL level is currently gaining strength at $1.34.
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