Analyst: 40% of altcoins are currently trading near their historical lows

Jinse Finance reported on July 8 that, according to a post by CryptoQuant analyst Darkfost, 40% of altcoins are currently trading near their historical lowest prices. This is today's data, and it reflects the harsh reality faced by all projects choosing to issue tokens. To be more precise, I created this chart to highlight those altcoins trading at prices more than 25% below their all-time highs (ATH). The altcoin market has now entered an extremely weak phase. When Bitcoin dropped below $60,000 again at the end of June, this percentage even rose to 45%. It is important to recognize that the crypto market has changed. Today, CoinMarketCap statistics show that there are about 53.5 million cryptocurrencies in the market, with around 60,000 new projects launching every day. Without strong new liquidity entering the market, it is easy to understand why the vast majority of crypto projects eventually fail. Nowadays, investors must be even more careful in selecting projects to participate in and remain highly selective.