A recent analysis by IntoTheBlock reveals a troubling trend for holders of some notable altcoins.
Indeed, over 80% of investors in Algorand (ALGO), Sandbox (SAND), and Arbitrum (ARB) are currently facing losses.
Altcoin Holders Face Significant Losses
According to IntoTheBlock, Algorand is at the forefront, with a staggering 91% of its holders in the red. Sandbox and Arbitrum are not far behind, marking around 80% of their investors with depreciated altcoin portfolios.
Other cryptocurrencies such as Axie Infinity (AXS), Chiliz (CHZ), Cardano (ADA), Aave (AAVE), Lido DAO (LDO), Uniswap (UNI), and Chainlink (LINK) also show a high percentage of holders at a loss but to a lesser extent.
The surge in loss-making accounts is attributed to the volatile nature of the crypto market. It has seen significant price fluctuations over the past months.
For investors, the downward trend poses concerns but highlights a crucial aspect of market dynamics — the potential for recovery and gain amidst apparent downtrends. Indeed, despite these daunting figures, IntoTheBlock said there is a silver lining. Assets like Algorand, Sandbox, and Arbitrum offer potential opportunities for savvy investors.
“These assets can present great opportunities, as long as they show strong fundamentals and signs of on-chain activity and growth,” IntoTheBlock explained.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Investors are advised to conduct thorough research and consider the long-term prospects of their investments. Understanding each altcoin’s underlying technology and market trends can be crucial in navigating the ups and downs of the crypto space effectively.
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