Glassnode reported that weekend losses among altcoins exceeded 5% for a typical coin and that, if the current trend holds, the steepest weekend decline since April could be recorded.
The on-chain analytics firm said in an assessment dated October 18 that fear in stock markets had spread to crypto as well. The altcoin sell-off marks a reversal of the more positive trend seen on weekends in recent months.
The Weekend Trend of Gains Since June Is Under Pressure
According to Glassnode, buying on Friday and selling on Sunday had been a profitable strategy since Bitcoin’s June low. This weekend, however, the firm’s measure for a “typical altcoin” showed losses exceeding 5%.
The firm says that if the weekend closes at these levels, it would mark the largest weekend decline since April. Therefore, price movements through the close will determine whether the historical comparison holds.
Altcoins Under Pressure as Bitcoin Holds Firm
An assessment published the same day on Bitcoin and Wall Street’s Monday open noted that Bitcoin had stayed above $80,000. Glassnode’s new post, meanwhile, shows that selling pressure over the same weekend was more pronounced among altcoins.
As a result, the pre-Monday picture depends not only on the levels Bitcoin has held, but also on how much of their weekend losses altcoins can recover.
Not investment advice.