The once-sizzling altcoin market is facing a harsh reality check. Prices have plummeted a staggering 40-90% in recent months, mirroring past crashes but with a glacial pace that’s leaving investors numb. Renowned crypto analyst Daan Crypto sees this as a necessary correction, albeit a slow and potentially painful one.
Seasoned crypto veterans might be experiencing a sense of deja vu. The scene: in freefall, portfolios hemorrhaging value. The twist? This bear market, while no less brutal in its outcome, lacks the ferocious speed of its predecessors. Unlike the gut-wrenching plunges witnessed during the 2020 pandemic crash, the current decline is a slow burn, dragging on for months.
While the current situation might seem bleak, there’s a crucial distinction from past crashes, explains Daan Crypto. The drops are significant, but they’re happening at a This could indicate a more drawn-out correction phase for the market.
At this point alts have come down about 40-90%.
Although it wasn’t as violent as during the covid crash, the end result has been roughly the same for many coins.
We’re just doing everything slower this time around.
Thing is, back then alts had barely moved up until that point.…
— Daan Crypto Trades (@DaanCrypto)
This measured descent presents a double-edged sword for investors. While it offers a (somewhat) less terrifying experience, it also extends the period of financial pain. The silver lining, according to Daan Crypto, lies in the muted highs altcoins reached before the crash. Unlike previous cycles where altcoins skyrocketed before plummeting, their pre-crash performance this time around was more tempered.
The relatively lower highs suggest the market might not be as overheated as in the past. This could mean a potentially faster recovery once the correction runs its course.
BTC is now trading at $65,112. Chart:
Deja Vu Or Deja Boom? Analyst Sees Echoes Of 2020
Looking beyond the immediate downturn, Daan Crypto draws parallels between the current market and the events of 2020. The analyst points to the strong performance of the market in 2023, particularly impressive for a year following a bear market. This mirrors the robust performance of late 2019, which preceded the 2020 crash.
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If we compare 2023 to 2019 and 2024 to 2020, there are some interesting similarities, the analyst observes. Just like 2020, which witnessed a mid-year slump followed by a strong year-end recovery, 2024 might be following a similar trajectory.
This historical comparison offers a glimmer of hope for investors weary of the current downturn. The possibility of a later-year rebound, similar to what transpired in 2020, could provide a much-needed boost to market sentiment.
Featured image from DeviantArt, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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