According to CryptoQuant Analyst Darkfost, about 84 per cent of the coins on the spot market are still operating below the 200-day mean, indicating that the overall performance of the banknotes continues to lag behind that of bitcoin. In terms of duration, it's been almost eight months, the second time since 2020.

Weakness lasts almost eight months.

200 The daily mean line is usually used to observe long-term trends in assets. The fact that most of the coins are long below this average often means that the market as a whole is under-rehabilitated. Darkfost argues that most of the current coins are in a marked run, and that there have been several attempts to restore kinetic energy over the past months, but none has been sustained.

He also mentioned that the index of total market value of Yamaya currency after the removal of Taifung Total 3 was also below the 200-day average at the weekly level. This means that vulnerability is not concentrated solely on small market value coins, but that the whole of the banknotes are under pressure.

Bitcoin is still the main pull factor.

According to the article, the link between the Yamaya coin and bitcoin remained strong during the current cycle. If there is insufficient demand for bitcoin, even short-line rebounds in some of the coins will make it difficult to bring about a broader recovery.

Darkfost also mentioned earlier that after the bitcoin fell by $60,000, there was an increase in the number of BTCs flowing into the currency. Since 13 April, average monthly BTC inflows have risen from 3,880 to 7,600, possibly increasing sales pressure.

Main currency splits

  • Bitcoin. US$59,464, 24 hours down 1.06%
  • ETA US$1,587.79, nearly 7 days down 7.22%
  • Solana Report 73.91 USD, 24 hours up 1.62%

A small rebound occurred that day in parts of the country. Hyperliquid 65.39 per cent, which increased by 3.74 per cent in the day; Zcash $398.97, which increased by 3.81 per cent 24 hours, but fell by 9.09 per cent almost seven days.

Darkfost believes that there have also been medium-term rehabilitation opportunities in the past during a long period of depression, but that the current market is more fragmented and it is more difficult to select individual targets than in previous cycles.