. Rinse and repeat
As Bitcoin dominance continues to reach new heights, nearing 50%, it’s clear that something is going on in the crypto market. After being in a range since April 2021, we’ve just broken out of it, and it’s clear why. Alts are getting absolutely decimated. In the last 24 hours, coins like BNB, ADA, Matic, DOT, Sol, Link, Atom, and Algo have dropped by as much as 27%, with some even hitting multi-year lows. Algorand even hit an all-time low.
Meanwhile, Bitcoin and Ethereum only dropped by 2%, showing that the rest of the market is not doing so well. Liquidations have been rampant, with a ton of traders getting hit by this altpocalypse. BTC maxis have been born, and it’s clear that the market is in a bear market, with many traders folding into Bitcoin and Ethereum, while others get tricked into alts through social media advertising scams.
It’s been a tough time for traders, with a lot of portfolios taking a hit. Many have had to take a break from the screen, and it’s understandable that some are frustrated, especially with coins like BNB and Sol getting delisted from Robinhood.
It’s important to understand that this is just a part of the market cycle, and that things will hopefully turn around soon. But for now, it’s best to take a step back, and for those who can, to hold onto their coins until the situation improves.