According to Jason Soni, newer altcoins in their first cycle will see the deepest retracement. As cryptocurrencies mature and go through more boom and bust cycles, retracements are less steep, like we’ve seen with Bitcoin and Ethereum.  

Jason Soni used a comparison between many newer altcoins today following a similar trajectory and total drawdown as 2018 Ethereum. With each new cycle, new participants join and liquidity in each asset increases, reducing volatility over time and resulting in less and less in terms of max drawdown.