this time last year altcoin and cryptocurrency The market looked very positive. Almost all coins have been steadily gaining in value for a year. Especially since November 2020, an attack had started. bitcoin price It hit $69,000 and hit its highest level ever.
Today, however, the situation seems a little more complex. The market has been going up and down continuously for a year. The current situation looks in favor of a degree bear. What if we looked at the general cryptocurrency market instead of Bitcoin? Did an investor who stepped into the crypto money market today make a profit last year?
An analyst on Reddit made an assessment covering the past year using CoinMarketCap data. How many of the altcoins, which were among the top 200 cryptocurrencies in the world at that time, rose and how many fell?
“Very Few Cryptocurrencies Gaining Value”
Last year, there were 8 stablecoins in the top 200 today. The price of these, of course, did not change. That’s why there are 192 cryptocurrencies left. According to the data, 48 out of these 192 cryptocurrencies (25%) are currently trading at a higher level than on the day. Top performing altcoins LUNA (756%), MATIC (397%) and MEANING (395%). 22 of these cryptocurrencies (11%) have more than doubled their prices in the last year.
“75% of Top 200 Altcoins Lost Value”
Despite this, of course, the situation does not look very encouraging if it is on the bearish side. 144 cryptocurrencies (75%) in the Top 200 are trading at a lower level than last year. Of the cryptocurrencies, 83 (43%) lost more than half of their value, and 35 (18%) lost more than 70% of their value.
The view on this side is not very good. Worst performing altcoins in the Top 200 since last year CyberVein (-98%), ZKSpace (-96%) and Bitcoin Standard Hashrate Token (-95%). As it turns out, these cryptocurrencies are not very well-known altcoins. However, heavy losses were experienced in some coins, which are well known to the crypto money community. Among them MOISTURE and The Graph (both -84%) with SushiSwap (-83%) attracted attention.
Are We in a Bear Market?
So what does all this mean? According to the analyst, the situation in the crypto money market indicates that we are in a downtrend for the first time after a long time. Some analysts say that the current situation means we are in a bear market.
*Not investment advice.