Quite right. The alt-coin market is notoriously volatile even by crypto market standards, and not something i follow close enough to give a strong analysis on.

Coinbase's weekly losses chart[0] captures some of what i hoped to express in my parent comment. Bitcoin is interesting because in a way, it hasn't so much lost value lately as not risen with the market the last couple of weeks.

0: https://www.coinbase.com/price/s/top-losers?resolution=week

Yes, others have, but interestingly, Cardano (ADA) held up well. Even though it dipped, it's still up 20% over the past week and is #4 by market cap.

Cardano is actually more subtle than that: it simultaneously tanked because of the whole BTC thing but it also got good (and clearly carefully coordinated) press as a “greener” alternative to BTC as a result of the self-same crash, which boosted its price.

Just keep in mind that those who move to the coins that pump during a dump tend to put stop losses. So these coins end up dumping harder later on.

I think people are switching to Cardano because it has lower environmental impact (proof of stake) than others. The Tesla announcement was about the environmental cost of Bitcoin after all.

I'd say this observation might be correct, on the basis that the Tesla announcement also sent the lesser-known NANO currency up by about 60-80%, which uses PoS as well.

If you're referring to their comment "the major losses in this crash were Bitcoin, Doge and Shiba", they are most likely picking that list by market cap (though I did not try to crosscheck).