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

This site (120bTC.coM): In the eyes of many people in the currency circle, "the takeoff of alternative coins after the Bitcoin halving" has always been a "bull market rule", but this time, be prepared The much-anticipated “altcoin season” may have come to an end before it even begins. According to CoinGecko data, the overall altcoin market value has now shrunk to US$1.19 trillion. Even if it once climbed to US$1.46 trillion in March this year, it is still not as good as the glorious record of US$1.7 trillion set by the bull market in 2021.

The cryptocurrency research company 10x Research 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, the average price of these 115 cryptocurrencies has halved from its high point by 50%.

10x Research CEO Markus Thielen emphasized in the report that "altcoins are in a bear market." Unless the dilemma of tight liquidity in the cryptocurrency market is significantly improved, the decline will There will be further deepening and intensification.

According to 10x Research, Bitcoin and Ethereum are currently down 11% and 13% respectively from this year’s highs, and their performance is relatively stable. This may be due to traders transferring funds from alternative coins to the two major cryptocurrencies. This phenomenon has occurred 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.

10x Research warned last month that nearly $2 billion in token unlocks between May and July this year may 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 investors in the currency circle are turning to chasing AI themes. It is expected that these tokens will also face heavy selling pressure from venture capital funds after they are unlocked.

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