The overall cryptocurrency market is currently showing a downward trend, with the prices of all major assets declining significantly in the past 24 hours, 7 days, and 30 days, indicating that the market is in a correction or bear market phase. Here are the key observations:

BTC

• Current price: $88,446.04
• 24-hour decline: -7.74%
• 7-day decline: -7.54%
• 30-day decline: -15.72%
  Although BTC has declined, its decline is relatively smaller compared to other cryptocurrencies, indicating that it still has the characteristics of a market hedge asset. In the short term, the market may experience price declines due to the impact of macroeconomic or policy variables on capital flows. However, BTC's 30-day decline (-15.72%) is still relatively stable among mainstream cryptocurrencies, indicating that it still has certain support.

Coins with deeper declines

1. Solana (SOL)

   • Price: $135.26
   • 24-hour decline: -16.21%
   • 7-day decline: -19.50%
   • 30-day decline: -47.71%
     Solana is currently the cryptocurrency with the deepest decline, having dropped nearly 50% in the past month. This may be related to the large amount of SOL tokens that will be unlocked in March. (FTX Liquidation: Galaxy, Pantera, and others snap up 41 million locked SOL at low prices, 3 million unlock in March)

2. Chainlink (LINK)

   • Price: $14.17
   • 24-hour decline: -16.12%
   • 7-day decline: -22.25%
   • 30-day decline: -44.60%
     Chainlink has seen a significant decline recently, which may be related to the slowdown in the development of the smart contract market, the reduced demand for oracles, and the overall market downturn. In addition, LINK had a relatively large increase in the previous bull market, and when the market corrects, these high-volatility cryptocurrencies are more likely to be heavily sold off.

3. Dogecoin (DOGE)

   • Price: $0.1998
   • 24-hour decline: -14.37%
   • 7-day decline: -20.43%
   • 30-day decline: -43.48%
     Although Dogecoin has been driven by the community and celebrities (such as Musk) in the long run, the recent decline in market risk appetite has led to poor performance of meme coins. The outflow of capital from high-risk assets has led to selling pressure on DOGE.

4. Ethereum (ETH)

   • Price: $2,339.30
   • 24-hour decline: -14.16%
   • 7-day decline: -12.65%
   • 30-day decline: -29.82%
     The decline in Ethereum may be affected by the intensified competition of L2 solutions and the reduced market liquidity. (ETH Circulation Back to Pre-Merge Levels! Blobs Mechanism Leads to Insufficient Burn, Is Ethereum Getting Too Useful for ETH to Disappoint?)

Market summary

• Although BTC has declined, it remains relatively stable, indicating that it still has the characteristics of a hedge asset.
• Solana has the largest decline, which may be related to the waning of meme coins and the large-scale unlocking of SOL.
• Chainlink and Dogecoin have also seen significant declines, indicating that the market's risk appetite has decreased, and investors are more inclined to be conservative.
• The decline in Ethereum may be related to the lack of topics and market confidence.

Overall, this market adjustment may be related to macroeconomic factors, regulatory policies, and changes in capital flows, and investors need to respond cautiously.