Altcoin coins have evaporated $234 billion in Market Cap in the past 2 weeks, marking the 'worst in history,' according to Glassnode: already in a bear market.

Glassnode released the latest weekly report pointed out that although BTC crashed to $93,000 last week, it has not deviated too far from the starting point of the current cycle, and the market is still dominated by volatility and sideways consolidation, but AltCoin is quite tragic, falling $234 billion under the AltCoin Market Cap in the past two weeks, which is one of the largest AltCoinfall trends in history. (Synopsis: Bauer does not cut interest rates to imply that it did not trigger AltCoinbig dump, analysts: This is a bottoming signal for the market) (Background supplement: Bloomberg analysts predict that the four major AltCoin ETFs (SOL, XRP, DOGE, LTC) approval rates, and ADA Spot ETFs will also join the fray) Glassnode said in a weekly report on the 11thBTC investors experienced a violent turmoil last week, once falling to $93,000, in this wave of violent fluctuations, BTC investors have realized losses of $520 million, one of the largest in the current Bull Market cycle, only August 5, 2023 losses are larger. This sharp price fluctuation is mainly due to Trump's threat to impose tariffs on Canada, Mexico and China, which makes the overall macroeconomic environment uncertain, investors can only wait and see, in addition to the continued strength of the US dollar, but also put a certain degree of pressure on the market liquidity environment. However, Glassnode pointed out that despite the sharp fluctuation of BTC in recent weeks, it has not deviated too far from the starting point of the current cycle, and the market is still dominated by volatility and sideways consolidation, mainly due to the significant increase in liquidity entering the coin market, and the role of large-scale capital flows against price inertia, in addition, a group of firmer holders have emerged in the market, promoting the relative stability of BTC prices, even if the overall macro environment remains volatile. AltCoin is the biggest fall in history, but in comparison, the AltCoin market is extremely tragic, Glassnode said that in the past two weeks, AltCoin Market Cap fell $234 billion, a few days of absolute fall is even larger, it is reasonable to think that this is a Bear Market event in the AltCoin market, one of the largest AltCoin fall in history. In response to significant selling pressure in the AltCoin space, Glassnode believes that many assets have struggled to achieve widespread adoption or establish a solid market positioning, which has made the market environment more difficult and led to a massive collapse in AltCoin prices, with all AltCoin classes underperforming BTC in recent weeks. Glassnode found that the vast majority of AltCoin underwent the same sweeping dumping, while the distinction between the various AltCoin classes was not obvious, in short, the AltCoin market fell almost synchronously, and only a very small number of AltCoin survived. Glassnode analysis, overall, the AltCoin market is falling into the Bear Market, but at the same time, BTC is still in good shape and is not showing similar signs of weakness, which shows that the divergence between BTC and the digital asset market as a whole is widening. At present, the key support levels for BTC have been identified at an average of $96,300 for MVRV Z-Score (an indicator of whether the market is overvalued or undervalued) and $92,200 for short-term holders, but the outlook for the AltCoin market is more uncertain and optimism is eroding as the Market Cap continues to decline. Related reports AltCoin crash" Ethereum erased half-year gains, XRP fell 40% in one day, SOLfall broke $180, 710,000 Get Liquidated more than $2 billion AltCoin beacon? Grayscale added SUI, CRV, ADA, LPT in the fourth quarter, and eliminated the performance of Bull MarketAltCoin in the first few rounds of SNX and AVAX overturning, what enlightenment does it bring us? This article "AltCoin lost $234 billion in the past 2 weeks, "the worst in history" Glassnode: Trapped in the Bear Market" This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".