10x Research: The average price of the top 115 cryptocurrencies has halved by 50% from its high point! Are Altcoins Going Bearish?

In the eyes of many people in the cryptocurrency industry, "the takeoff of altcoins after the Bitcoin halving" has always been a "bull marketrule", but this time, the much-anticipated "altcoin peak season" has not yet begun. It was brought to an end. According to CoinGecko data, the overall altcoin market value has shrunk to US$1.19trillion. Even if it once climbed to US$1.46trillionin March this year, it is still not as good as the glorious record of 1.7trillion set in the 2021 bull market. Dollar. Cryptocurrency research company 10xResearch released its latest report today (19th) stating that among the top 115 cryptocurrencies by market capitalization, as many as 73% of the tokens reached their peak price in March this year. However, so far, these 115 The average price of a cryptocurrency has halved by 50% from its highs.

Markus Thielen, CEO of 10xResearch, emphasized in the report that "altcoins are in a bear market." Unless the liquidity crunch in the cryptocurrency market is significantly improved, the decline will further intensify. According to 10xResearch, Bitcoin and Ethereum are currently down 11% and 13% respectively from this year's highs, and their performance is relatively stable. This may be caused by traders transferring funds from alternative coins to the two major cryptocurrencies, and this phenomenon This has happened in the past two market cycles. Markus Thielen said: In the bear market of altcoins, effective risk management has become the key to survival. Token unlocking, unfavorable cryptocurrency liquidity indicators, these are the main triggers for the altcoin plunge. 10xResearch warned last month that nearly $2 billion in token unlocks between May and July this year could impact the altcoin market. Now Markus Thielen further explained that venture capital funds invested US$13 billion in major altcoin projects in the first quarter of 2022, but now many currency investors are turning to chasing AI themes. It is expected that these tokens will be unlocked after , will also face heavy selling pressure from venture capital funds.

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