The global cryptocurrency market saw a 2.1% increase in total capitalization over the past 24 hours. However, major altcoins like XRP, Solana, and Dogecoin are experiencing a decline in holder profitability.
Current State of the Crypto Market
The global cryptocurrency market capitalization increased by 2.1% in the last 24 hours. However, the main trend among some major altcoins contradicts the overall picture. XRP, Solana, and Dogecoin show a drop in profitability despite the broader gains.
Decline in Altcoin Holder Profitability
According to Glassnode, the 'Percent Supply in Profit' metric reveals a decrease in profitability across many major altcoins amid ongoing price declines. XRP's profitability dropped by 5.22% over the past month, leaving 81.5% of holders in profitable positions. Dogecoin and Solana also saw profitability decline to 53.6% and 35.2% respectively. These numbers indicate that market volatility has led to a reduction in the number of profitable addresses.
Differing Trends in Other Crypto Assets
In contrast to the negative trends of XRP, Solana, and Dogecoin, other crypto assets like TON and BNB show steady profitability. More than 94% and 86% of TON and BNB holders remain in profit states, confirming the resilience of these assets.
While profitability figures for XRP, Solana, and Dogecoin have declined, other assets such as TON and BNB present a more positive trend. Reports highlight the varying profitability dynamics among crypto assets, which may influence future investment decisions for market participants.
