The U.S. markets opened recently with a decline, pulling Bitcoin prices below $103,000. As this week already looks grim for altcoins, a deepening drop could lead to substantial downturns. Galaxy Research turns the spotlight on the substantial value loss within the top 100 cryptocurrencies.
The Top 100 Cryptocurrencies
In recent years, we have witnessed once-promising ventures among the top 100 cryptocurrencies falter. Despite their ambitious visions, many notable projects have seen valuations dip to just hundreds of millions, leaving investors who were hoping for a 10x return disappointed.
A prior report highlighted how South Korean investors have distanced themselves from cryptocurrencies due to such disappointments. Galaxy Research underscores the demolition occurring in the top 100 digital currencies.
Out of the 100 cryptocurrencies, 72 are trading at least 50% below their peak prices. While Bitcoin flirts near record highs, the downfall of altcoins suggests a bearish market environment where investors are longing for a bull market.
Among the list, LEO emerges as the best-performing cryptocurrency, even performing better than Bitcoin. It is followed by M, ETH, BNB, and XMR. On the opposite end, coins like FIL, ICP, GRT, TIA, and IMX struggle. Notably, ICP’s situation is distinct, as its potential to return to quadruple-digit prices has dwindled, altering how its loss is perceived.
Current State of Cryptocurrencies
Bitcoin is on the verge of losing $102,000 again, with potential sell-offs extending to $100,400. At 19:00, Trump will make statements that may influence sentiment based on the content. Both the stock market and cryptocurrencies have already been adversely impacted before any closure. Trump, advocating continued growth in AI, crypto, and technology sectors, hinted yesterday at potentially taking action to prevent shutdowns.
In the past hour, long positions worth $20 million were liquidated. Although liquidations have significantly reduced, open positions are also weakening. Short positions dominate, and a new wave of decline may present an easy profit opportunity for bears.