As BTC gets rejected from $30,000 and ETH slides below $2,000, the broader crypto market is deep in the red zone. As of now, half of the top 30 cryptocurrencies are 80% (or more) down from ATHs.
Altcoins in Bloodbath
After major cryptocurrencies hit ATHs last November, with Bitcoin hitting the $69,000 level at one point, a multi-month bear market took hold. bring 15 of the top 30 cryptocurrencies down 80% from their all-time highs. As the sale drags on with no signs of an immediate reversal, other projects may join this opposing “club” in the near future.
Among the 30 largest cryptocurrencies by market cap – excluding Terra from such a consideration – UNI, VET, and DOGE are the biggest losers, all down more than 90%. SHIB and LINK – have currently lost 89% of their value – follow closely.
At a time when investors are flocking to risky assets, Bitcoin and Ethereum are considered the premier cryptocurrencies. They fell 61% and 64%, respectively, outperforming other major digital assets.
One of the notable observations is that native tokens by centralized exchanges, including Binance’s BNB, FTX’s FTT, and Kucoin’s KCS, have slightly outperformed other altcoins. BNB and FTT are being traded 67% and 69% below ATH, and KCS, though only ranked as the 40th largest project, is down less than 50% from ATH.
Extreme fear reigns
As previously reported by CryptoPotatoSince approaching the $50,000 level in late March, when the community expected a run that would reverse bearish sentiment, BTC has recorded eight consecutive weekly candles in red.
According to the BTC Fear and Greed Index, the overall market sentiment has continually remained well within the “extreme fear” territory, with the metrics sitting today at 12. The index’s highest point recorded this year was around 50 during the aforementioned run-up in late March.
Bitcoin’s market dominance currently sits at 44.4% as investors tend to hold the leading cryptocurrency over other risky crypto assets. Meanwhile, BTC’s multi-month weakness generally signals that the altcoin bloodbath may deepen before a noticeable market reversal occurs.
