Crypto Market Performance Worsens, Some of the Top 50 Down Over 40%!
2024-08-06
Bittime - Crypto markets in 2024 will experience sharp fluctuations. The latest data shows that 60% of the top 50 cryptocurrencies by market capitalization have lost all gains made since the start of this year, with some even experiencing losses.
Crypto Market Underperformance in 2024
Today August 6, 2024, an analyst from CryptoQuant, with the Twitter username Binhdangg, revealed that the majority of large tokens in the crypto market experienced a drastic decline. Several large tokens that experienced a sharp decline are as follows.
- XRP turun 16,76%
- Cardano (ADA) drops 44.45%
- Avalanche (AVAX) down 45.92%
- Polkadot (DOT) drops 46.41%
- Chainlink (LINK) down 32,94%
- Litecoin (LTC) down 19,90%
- Polygon (MATIC) down 57,40%
- Internet Computer (ICP) down 43,68%
- Uniswap (UNI) turun 0,15%
- Monero (XMR) market 8.77%.
Read Also: Bear Market, Focus Portfolio on Bitcoin and Ethereum Asset Merger
Challenges for Altcoins
This downturn presents a major challenge for altcoin investors, who have seen their portfolios eroded significantly. For many investors who had seen huge gains earlier in the year, this downturn was a hard blow.
This raises questions about the stability of the crypto market and whether a recovery is possible in the near future. Some of the tokens that have experienced the greatest decline are as follows.
- Filecoin (FIL) plummets by 50.12%
- Cosmos (ATOM) plummets by 53.70%
- Arbitrum (ARB) plummets by 67.12%
- Optimism (OP) plummeted to 64.51%
- VeChain (VET) plummets by 34.04%
While there are some tokens that experienced milder declines, such as Stacks (STX) which fell 11.44% and Aave (AAVE) which only fell 8.55%, the fact remains that the altcoin market as a whole is in very challenging conditions.
Causes of Crypto Market Underperformance 2024
The drastic decline is thought to be largely triggered by global macroeconomic factors, including tight monetary policies from central banks and global economic uncertainty.
Despite this, some analysts believe that a recovery is possible, especially if the crypto market can separate itself from traditional markets as it did in 2020.
Read Also: The downward trend in Bitcoin prices is similar to the trend before the 2016 bull market
How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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