The Crypto market has taken multiple hits in the last few months or so, after reaching an all-time high in mid -2021. The start of 2022 hasn’t been all that glamorous. With China and Russia blocking the majority of the crypto-related activities.
This led to panic selling in both nations which led to many people selling off their crypto assets. As an offset of that, the cryptocurrencies prices went plummeting. With the stance of China and Russia vague on crypto and the Russia-Ukraine war going in full swing only time will tell what the impact of such things will be.
As LUNA and USDT crashed and lost almost all of their value, Solana and Doge weren’t too far behind too. BTC still hasn’t reported a big loss but has failed to cross the $30k mark too. This means that BTC’s dominance over other coins has been at a 7-month high.
SOL lost 8% of its value while Doge dropped by 5%. The futures options data also shows that the prices will slump further. The poor price performance and the prices of the low derivatives indicate that these altcoins might not recover anytime soon.
Bitcoin has been relatively stable and closed at $29,000. Although it hasn’t gone [ast the $30k mark it is recovering slowly. But the same cannot be said for the altcoins. These are tough times for crypto investors and enthusiasts alike. But if you have been planning to add some crypto to your portfolio right now would be the best time to do so.