While Bitcoin and Ethereum continue to rise in the crypto bull market of 2024, many altcoins have yet to catch up and offer attractive discounts for savvy investors. This is according to a recent report from leading Asian journalist Colin Wu, who compiled a list of the top 37 cryptocurrencies experiencing negative year-to-date (YTD) growth… Here is the list covering legacy cryptos like LINK coin.
Colin Wu shared a list including LINK coin and 36 cryptocurrencies
The current bull cycle started in late 2023, gained momentum in October, and has really taken off this year, with Bitcoin surpassing its all-time high in 2021. However, unlike Bitcoin and Ethereum, which have impressive YTD gains of 48.9% and 36% respectively, many altcoins have lagged behind.
Wu’s report highlights XRP (about $28.56 billion), the sixth-largest cryptocurrency by market cap, as a prime example. XRP, currently traded at $0.51, has experienced a significant decrease of 15.33% compared to its opening price in 2024. XRP, which started the year around $0.60, dropped to $0.433 this month. This is in stark contrast to Bitcoin, which has gained close to 50% YTD despite recent price fluctuations. Ethereum (ETH) followed a similar path, gaining over 36% despite market declines.
Corrections in Bitcoin’s price attracted attention
Recent market corrections, largely driven by Bitcoin’s price movements, have forced several altcoins to give up earlier gains. Cardano (ADA), Internet Computer (ICP), Chainlink (LINK) and Avalanche (AVAX), which were the best performers in the initial phase of the bull market, fell victim to this trend.
Currently trading at $0.46, ADA has lost a high rate of 21.52% since the beginning of the year. Similarly, although AVAX has experienced explosive growth since November 2023, it is currently down 9.10% YTD at $35.05. ICP, which is up over 200% from $5 in December 2023 to $19 in March, is currently trading at $13.27, reflecting slightly negative growth YTD.
Attractive entry opportunity?
This scenario is in line with data recently shared by Santiment, a renowned market intelligence platform. Their analysis shows that altcoins, at their current discounted prices, present a significant buying opportunity for investors waiting for the bull rally to continue. Other notable assets on Wu’s list experiencing negative YTD growth include APT, XLM, and FIL. Although these coins are trading in the red, Santiment’s data shows that they may offer attractive entry points ahead of the expected bull market rally.
It is important to remember that the cryptocurrency market is highly volatile. While the current situation may present a buying opportunity for some, careful research and risk management is crucial before investing in any crypto asset.
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