The latest crypto market data highlights a notable pause in momentum. As per Glassnode’s recent report, crypto market is witnessing a stalled momentum after Bitcoin’s faltered endeavor for price discovery. The crypto market intelligence company took to social media to share the exclusive insights into the latest decline in the market momentum.
Crypto Market Momentum Stalls as Bitcoin, Ethereum, and Solana Face Sharp Declines
The data from Glassnode points out a significant pause in crypto market’s momentum after a massive push toward Bitcoin’s price discovery phase. In this respect, Bitcoin ($BTC) has plunged by 5.9% since this month’s start. On the other hand, Solana and Ethereum have recorded vertical dips of 33.1% and 16.9% respectively. This overall downturn indicates the enormous pressure throughout prominent crypto assets.
In a series of tweets, Glassnode revealed that the memecoin sector also presents a similar decline. Hence, following a staggering 90.2% surge in this sector by 2024’s end, it has slumped to a great extent. Since that peak, the memecoin landscape has experienced a 37.4% correction. This noteworthy pullback has raised concerns among the memecoin investors. As a result, they are incurring substantial losses following their investments based on 2024’s last rapid surge.
In comparison with April 2023, Bitcoin has sustained a gradually upward momentum, trading at a 3.4 times greater level. In the meantime, the performance of Solana displays a relatively volatile scenario. It once jumped at 11.8 times increased level in contrast with its position in 2023’s April. However, since that time, it has gone through a 7.6 times decrease from that benchmark. Contrarily, Ethereum also lagged as its trading multiples varied between a range of 1.3-2.0 times when compared with its value in April 2023. The respective variations underscore Bitcoin’s steadfast movement and altcoin’s susceptibility to significant market shifts.
Investors Are Advised to Reevaluate Strategies and Consider Risk Management
According to Glassnode, as the crypto market is potentially entering a recalibration phase, the above-mentioned corrections disclose its inherent volatility. Hence, investors should focus on risk management practices along with reevaluating their strategies if the resilient efforts for price discovery fail. With the accessibility of thorough indices and analytical tools, market participants can better measure fluctuations and execute additional changes.
