Report claims 67% of altcoins are still down over 90% from all-time highs

06 Jul, 2019
Analysis
Report claims 67% of altcoins are still down over 90% from all-time highs

Long Hash has released a report stating that the majority of cryptocurrencies are still down over 90% from their all-time highs 

While Bitcoin continues to recover, and reach new yearly highs, altcoins have yet to see any respite following the 2018 bear market. Long Hash have stated that 114 of the 160 digital assets listed on Messari's OnChainFX dashboard are still down 90% or more from their all-time highs. 

While Bitcoin continues to impress, the effect on alt coins is negative, as they appear to weaken against Bitcoin. The increasing Bitcoin dominance also implies that traders are storing more and more of their capital in Bitcoin. 

Most traders will be expecting an altcoin season to start soon enough, however from the looks of things BTC could continue to push new yearly highs, which would see alt coins suffer even more. 

Long Hash also recently released a report stating that in 2019, altcoins have seen a 54% decline in small cap altcoins prices against Bitcoin since April. This is most likely due to Bitcoins resurgence in price which saw most cryptocurrencies suffer as traders sold out back into Bitcoin.

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