Altcoins continue getting hammered across the board, with several L1s down more than 80% and other altcoins exceeding losses of 90%.
Tuesday saw carnage in the markets, and especially altcoins continue to get beaten up by a brutal sell-off.
Ethereum (ETH) was the best out of a really bad bunch. At the time of writing, it is down 14% over the last 24 hours and 33% over the last seven days.
Solana (SOL) continued its sell-off and is currently down 16% over the last 24 hours and 52% over the last seven days. It has lost more than 80% from its all-time high of over $240.
Dogecoin (DOGE) did comparatively well, and is "only" down 14.5% over the last 24 hours and 42% over the last seven days. Of course, DOGE was already in a brutal bear market before that and is now down around 90% from its all-time high a year ago.
Avalanche (AVAX) is another victim of the sell-off. While it is up 2% over the last 24 hours, it is down more than 50% over the last seven days and trades almost 80% below its all-time high.
Near Protocol (NEAR) is another layer-one blockchain that was expected to do great but has suffered a 50% drawdown over the last seven days. It is down 70% from its all-time high around $20.
Will The Sell-Off Continue?
Analysts and commentators are unsure whether "the bottom" is in now or whether the market sell-off will continue.
Macro expert Raoul Pal foresees an imminent recession, leading to equity markets undergoing a pretty heavy correction.
Pal acknowledges that crypto is in "full panic mode" now but also says that he sees crypto as a long-term investment, where the exponential upside is paid by volatility.
Huobi researcher Barry Jiang told Decrypt that he expects the bottom for Bitcoin to be between $20,000 and $25,000, implying there may be further downside to come.
While markets struggle to find some consistency, it will take a long time for many of the altcoins to regain their previous highs.
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