Altcoins Continue Capitulation, Some Down Over 75%

Written by C, Fiona

Last updated: 2022-05-13

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The altcoin sell-off continues across the board as markets plunged further. Many altcoins are now down between 70% and 90% from their all-time highs, with some suffering losses of over 50% in the last seven days.

Tuesday saw carnage in the markets, and especially altcoins continue to get beaten up by a brutal sell-off.

Ethereum (ETH) was the best out of a really bad bunch. At the time of writing, it is down 14% over the last 24 hours and 33% over the last seven days.

Dogecoin (DOGE) did comparatively well, and is “only” down 14.5% over the last 24 hours and 42% over the last seven days. Of course, DOGE was already in a brutal bear market before that and is now down around 90% from its all-time high a year ago.

Avalanche (AVAX) is another victim of the sell-off. While it is up 2% over the last 24 hours, it is down more than 50% over the last seven days and trades almost 80% below its all-time high.

Solana (SOL) continued its sell-off and is currently down 16% over the last 24 hours and 52% over the last seven days. It has lost more than 80% from its all-time high of over $240.

Near Protocol (NEAR) is another layer-one blockchain that was expected to do great but has suffered a 50% drawdown over the last seven days. It is down 70% from its all-time high around $20.

Is It the Bottom Now?

Analysts and commentators are unsure whether “the bottom” is in now or whether the market sell-off will continue.

Macro expert Raoul Pal foresees an imminent recession, leading to equity markets undergoing a pretty heavy correction.

Pal acknowledges that crypto is in “full panic mode” now but also says that he sees crypto as a long-term investment, where the exponential upside is paid by volatility.

Huobi researcher Barry Jiang told Decrypt that he expects the bottom for Bitcoin to be between $20,000 and $25,000, which means there is likely further downside.

While it’s hard to find some consistency in the market, it will take a long time for many cryptocurrencies to recover to their previous highs.