• Bitcoin has fallen by 78% and Ethereum by 82% during the current bear market in crypto.
• Other altcoins have experienced deeper retracements of up to 96% or more.
• Elliott Wave International Currency & Crypto Analyst Jason Soni explains why this discrepancy exists.
The current bear market in the cryptocurrency space has been particularly brutal. The world’s largest digital currency, Bitcoin, has seen its price plummet by 78%, while Ethereum, the second-largest cryptocurrency, has fallen by a staggering 82%. However, the losses experienced by other altcoins have been even more severe, with some retracements reaching up to 96% or more.
In a recent video, Elliott Wave International Currency & Crypto Analyst Jason Soni has shed some light on why this discrepancy exists. According to Soni, newer altcoins in their first cycle will see the deepest retracements. This makes sense, as cryptocurrencies mature and go through more boom and bust cycles, retracements become less steep. This can be seen with Bitcoin and Ethereum, which suffered a 78% and 82% retracement from peak to trough respectively.
On the other hand, altcoins such as Cardano, Solana, and others have experienced much deeper retracements. Cardano, for example, has suffered a 92% collapse compared to the top two cryptocurrencies. Solana, once pegged to disrupt Ethereum, dropped by a staggering 96%.
Soni believes that this is due to the fact that these altcoins are in their first cycle and have yet to experience a boom and bust cycle. As these altcoins mature, their retracements will become less severe, and they may experience more moderate corrections such as those seen with Bitcoin and Ethereum.
Overall, the current bear market has been particularly punishing, and while some digital assets have suffered more than others, all crypto assets have been affected in some way. Elliott Wave International Currency & Crypto Analyst Jason Soni has offered some insight into why some crypto assets have crashed more than others, and what this could mean for the future of the crypto market.