10x Research: Average Price of Leading 115 Cryptocurrencies Plummeted 50% Since 2024 Peak
In Brief
In its recent study, 10x Research has shed light on a significant 50% drop in the average values of the top 115 alternative cryptocurrencies from their high points earlier in 2024.
An organization that concentrates on the analysis of digital assets for wealth managers and providers of cryptocurrency services, 10x Research recently disclosed its findings regarding the leading 115 altcoins, indicating a steep 50% average price reduction from their zenith in 2024.
The firm emphasized that without considerable changes in the liquidity of cryptocurrencies, these price reductions are likely to continue. At present, Bitcoin (BTC) and Ethereum (ETH) appears to be holding up relatively well, likely because astute traders are redirecting their investments from altcoins back to these major coins—a trend we've noted in past market cycles.
Moreover, effective risk management has become particularly vital during this ongoing downturn in the altcoin market. The company identifies factors like token unlockings and negative liquidity signs as key drivers of the downward trend in altcoin valuations. Right now, a considerable majority of the analyzed coins are in a bearish phase, with 73% having peaked back in March 2024.
Cryptocurrency Market Indicates Recovery, BTC and ETH Lead the Charge
As of this writing, cryptocurrency valuations are showing signs of resurgence following a notable decline just a day prior.
BTC has climbed back up to $65,000 after falling to about $64,000 within the last 24 hours. This recent dip coincided with a hefty outflow of approximately $152.4 million from spot BTC exchange-traded funds (ETFs), as reported by SosoValue. Currently, BTC is trading at around $65,200, down 0.78% from the previous day. Additionally, Bitcoin's market dominance has seen a slight dip of 0.57%, standing at 54.23%, according to CoinMarketCap data.
Meanwhile, in the past 24 hours, ETH surged past the $3,500 threshold, with notable gains also seen in Solana (SOL), XRP, Dogecoin (DOGE) and Shiba Inu (SHIB). The latest update shows ETH trading at $3,534, reflecting a 2.82% increase over the last day. CoinMarketCap highlights that ETH's trading range in the past 24 hours has been between $3,378 and $3,581.
The overall market capitalization of cryptocurrencies climbed by 0.32% over the last day, reaching $2.37 trillion. However, the total trading volume has seen a significant drop of 8.02% compared to yesterday, now resting at $87.99 billion.
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