Chief cryptocurrency analyst Jamie Coutts from macro research firm Real Vision pointed out that smaller market cap crypto assets have been under pressure since Bitcoin (BTC) hit a new high in March this year. He believes that when the market stabilizes, there may be “some opportunities” for altcoins.
According to charts shared by Coutts on Friday (14th), in the past 3 months, the top 200 cryptocurrencies by equal-weighted index (ignoring market capitalization and giving each currency equal weight) have dropped by over 30% compared to the market cap index. This indicates that smaller market cap cryptocurrencies have performed weaker compared to dominant large market cap cryptocurrencies.
Coutts also shared the returns of several cryptocurrency sectors in the last three months. The metaverse-related tokens had the lowest return rate at -44.13%, followed by the infrastructure sector at -43.28%. On the other hand, the decline in decentralized finance (DeFi), smart contract platforms, and digital currencies sectors were relatively lower at -31.15%, -31.58%, and -31.59% respectively.
According to CoinGecko data, the native tokens SAND and MANA of the two major metaverse platforms, The Sandbox and Decentraland, have dropped by over 50% from their highs in the past three months, while Bitcoin and Ethereum (ETH) only saw declines of 9% and 14% respectively during the same period (with maximum declines of approximately 23% and 32%).
In conclusion, Coutts stated that:
Source: Jamie Coutts
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