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Altcoin Sector Takes One of Biggest Hits Ever in $234,000,000,000 Devaluation: Glassnode

n70products by n70products
February 13, 2025
in Altcoin
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Altcoin Sector Takes One of Biggest Hits Ever in $234,000,000,000 Devaluation: Glassnode
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The altcoin sector suffered “one in all its largest devaluations on file” amid the current crypto market downtick, in accordance with the digital asset analytics agency Glassnode.

Glassnode notes in a brand new analysis that altcoins skilled vital sell-side stress in current weeks as Bitcoin (BTC) outperformed each altcoin subsector.

“We will consider the magnitude of the drawdown by assessing the 14-day change within the world altcoin market cap. Over the past fortnight, the altcoin market cap declined by $234B, with a small handful of occasions days recording a bigger absolute drawdown.

The severity of this drawdown underscores the size of the capitulation occasion and might be fairly thought of to be an occasion inside a bear market inside the altcoin sector.

That is fairly fascinating as Bitcoin doesn’t seem to show the identical relative weak spot, suggesting a divergence is opening up between BTC and the remainder of the digital asset panorama.”

Group 137691858 1
Supply: Glassnode

Bitcoin is buying and selling at $96,933 at time of writing. The highest-ranked crypto asset by market cap is up almost 2% prior to now 24 hours.

Bitcoin dominance (BTC.D) presently stands at 61.18% and is up greater than 5.5% prior to now month, in accordance with knowledge from TradingView. Merchants use BTC.D to trace whether or not altcoins are underperforming or outperforming Bitcoin because the metric calculates how a lot of the crypto market cap belongs to BTC.

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