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

The altcoin sector suffered “one of its biggest devaluations on record” amid the recent crypto market downtick, according to the digital asset analytics firm Glassnode.

Glassnode notes in a new analysis that altcoins experienced significant sell-side pressure in recent weeks as Bitcoin ( BTC ) outperformed every altcoin subsector.

“We can evaluate the magnitude of the drawdown by assessing the 14-day change in the global altcoin market cap. Over the last fortnight, the altcoin market cap declined by $234B, with a small handful of events days recording a larger absolute drawdown.

The severity of this drawdown underscores the scale of the capitulation event and can be reasonably considered to be an event within a bear market within the altcoin sector.

This is quite interesting as Bitcoin does not appear to display the same relative weakness, suggesting a divergence is opening up between BTC and the rest of the digital asset landscape.”

Source: Glassnode

Bitcoin is trading at $96,933 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.

Bitcoin dominance (BTC.D) currently stands at 61.18% and is up more than 5.5% in the past month, according to data from TradingView . Traders use BTC.D to track whether altcoins are underperforming or outperforming Bitcoin as the metric calculates how much of the crypto market cap belongs to BTC.

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