 | It's no secret that holding any top ALT from 2021 has been nothing but pain. Still savvy investors say not to sell and wait for a magical ALT season to recoup their losses and hopefully make a profit on years of bag holding. Yet here we are with yet another BTC retrace this time dropping just below 54k, and alts once again shat the bed with many reaching brand new lows against their BTC pair. For anyone that doesn't know an ALT/BTC pair will show you how the value of your investment compares to owning BTC. The worse your ALT performs against BTC the worse your alt play is performing. First up is ATOM: Currently sitting at $5.60 it peaked around $45 in 2021. Looking at the ATOM/BTC Chart has some ups and downs since then but yesterday it hit a brand new low against BTC. Arbitrum a newer token launched in 2023 Arbitrum hit it's ATH of $2.40 in January 2024. It currently sits at $.62 and has a very visible slide against BTC since its launch. Litecoin one of the oldest alts it reached an ATH of $413 in 2021 and currently sits at $61. Litecoin has just touched a brand new low against BTC with the July 4th market dump. (chart above is a one year chart and shows the new low more clearly. The all time Litecoin Chart below looks a bit like a slow bleed and is harder to see the new ATL against BTC. Aptos is another newer crypto launching in late 2022. Aptos hit an ATH of ~$20 in Jan 2023. It currently sits at $5.60 and just hit a brand new low against BTC. Perhaps surprisingly although most alts have retraced significantly they're still slightly above their ATL against BTC from *checks notes* two weeks ago. This includes alts like Cardano Algorand Stellar Tezos Polkadot So there we have it the majority of established Alts continue to bleed against BTC with many reaching new ATL against their BTC pair and the handful of holdouts are only slightly outperforming BTC over the last two weeks. [link] [comments] |
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