The bears have been brutal on the broader altcoin market ever since the geopolitical uncertainty kicked in, whipping the markets even worse than what most major-caps experienced during the horrendous FTX-related crash back in 2022.
4 Out Of 10 Altcoins Got Whipped All The Way The Bottom
According to Coin Bureau, a whopping 38.8% of all altcoins are now nearly all-time lows, counting nearly 4 out of 10 alts that would qualify for ‘bottomed’ status. Judging from the data compiled by Whitelist Media, Cardano’s (ADA) had suffered the most, dipping as much as 90% from its peak price levels.
When compared, Bitcoin (BTC) held up relatively well in spite of falling from the $129K all-time high record hit last Summer. The same goes for Ethereum (ETH), even though the top altcoin had fluctuated below its $1.5K support cluster for a period of time during this cycle.
ADA’s Stuck Between Support Bubble & Tight Resistance
Cardano’s (ADA) recent arousal towards the $0.20 stand out from an otherwise choppy & sloppy altcoin market, performing far from the alt season expectations crypto technicians are pointing to. Whether this under-performance translates into something tangible will heavily depend on Cardano’s institutional path.
For now, the market decoupling serves a positive sign – if Cardano’s (ADA) 90% reversal is actually taking place, long-term bulls would likely step in to defend the $0.16 support bubble. That majorly depends on the long-term belief in Cardano’s future. Just last week, Chainspect awarded Cardano with a high Nakamoto Coefficient.
Cardano Scores Big In The Fundamental Nakamoto Test
The 0.16 figure on Cardano’s Nakamoto Coefficient assesses the decentralization qualities of the network. Basically, the more people would need to collaborate in order to take over a chain, the more decentralized it would be. Cardano is now touted as among the safest networks in terms of centralization hazards. But will demand match those clean specs?
On Monday, ADA’s trading volumes picked some pace on Spot markets, hitting $210,753,143 at the time of this writing. But the bigger action is happening on Futures markets: the volume just skyrocketed 41% from the day before, now at $367.37 million, according to CoinGlass data.
The make-or-break level of $0.20 is laying the groundwork for a decisive near-term sentiment, potentially leading to the 90% ATH reversal.
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