{"id":85654,"date":"2025-02-13T11:18:36","date_gmt":"2025-02-13T11:18:36","guid":{"rendered":"https:\/\/peraltafinancing.com\/altcoin\/altcoin-sector-takes-one-of-biggest-hits-ever-in-234000000000-devaluation-glassnode\/"},"modified":"2025-02-13T11:18:36","modified_gmt":"2025-02-13T11:18:36","slug":"altcoin-sector-takes-one-of-biggest-hits-ever-in-234000000000-devaluation-glassnode","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=85654","title":{"rendered":"Altcoin Sector Takes One of Biggest Hits Ever in $234,000,000,000 Devaluation: Glassnode"},"content":{"rendered":"


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The altcoin sector suffered \u201cone of its biggest devaluations on record\u201d amid the recent crypto market downtick, according to the digital asset analytics firm Glassnode.<\/p>\n

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

\u201cWe 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.<\/em><\/p>\n

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.<\/em><\/p>\n

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.\u201d<\/em><\/p>\n

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Source: Glassnode<\/figcaption><\/figure>\n

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.<\/p>\n

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<\/a>. 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.<\/p>\n

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