"Altcoin market at its worst since the FTX collapse...a buying opportunity at low prices for long-term investors"
Summary
- "Altcoin market" has entered its worst slump since the FTX collapse.
- Despite Bitcoin's rebound, altcoins have not recovered alongside it, and many tokens are trading near their all-time lows.
- From a long-term investment perspective, the current situation could be an opportunity to buy undervalued "altcoins".
Despite a short-term rebound in Bitcoin (BTC), the altcoin market continues to decline, and some say this could be a buying opportunity at low prices for long-term investors.
On the 24th (local time), Arthur Cheong, CEO of DeFiance Capital, said via his X, "The current state of the altcoin market is a downturn similar to the period immediately after the FTX collapse in November 2022."
He said, "Currently, more than half of all altcoins are trading near their all-time lows (ATL), and there are quite a few tokens that are under additional downward pressure without having formed a bottom," adding, "In particular, despite Bitcoin's rebound, altcoins have not shown a concurrent recovery, which indicates that worsening market sentiment is being prolonged."
However, a mid- to long-term outlook also suggests there are opportunities. Cheong said, "From an investment perspective of more than one year, there are considerably undervalued tokens," and added, "The current plunge in altcoins resembles a typical bottom pattern where fear is at its peak."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
