Odaily News Ethereum, Solana, and most altcoins are still under pressure, and the market is still being impacted by the Bybit hacker attack last week. The market shows that Ethereum continued to fall in the Asian session on Tuesday after a sharp drop at the beginning of the week, losing more than 10% of its value in two days, Solana fell by about 15%, and Dogecoin fell by about 13%.
Parataxis co-founder Edward Chin analyzed that as tokens continue to be unlocked and supply flows into the market, people may choose to sell. Since most traders previously chose to go long on BTC, new funds will begin to flow into Bitcoin, which explains Bitcoin's relative strength and the persistence of its market dominance. The altcoin market lacks a narrative, and this situation may continue to deteriorate. (Bloomberg)