Which Cryptocurrencies Suffered The Worse Collapse Since All-Time Highs?
2022年1月27日 - 2:00AM
NEWSBTC
Cryptocurrencies all across the market have been suffering major
downside since the crash. The crypto market saw a couple of hundred
billions shaved off its market cap following this. Bitcoin,
Ethereum, and others have all seen their value decline
significantly in the space of a week. However, in all of this, some
digital assets have been hit harder than others. This report takes
a look at those cryptocurrencies. Metaverse Tokens Take A Hit The
crypto market’s recent decline has been characterized by bloody
streets. As expected, bitcoin’s 52% decline from its all-time high
has dragged down other digital assets with it. Ethereum, the second
largest cryptocurrency by market cap, is down 54% from its own
all-time high. While these cryptocurrencies have seen major
downsides, others have managed even more dips since then. Related
Reading | Market Sentiment Crumbles As Sell-Offs Drags Bitcoin
To $33,000 Metaverse tokens which made a big splash when social
media giant Facebook announced it was rebranding to Meta and
entering the metaverse space, have borne some of the largest weight
from the crash. These tokens which rallied to multiple all-time
highs in the last couple of months have declined as high as 68%
from their all-time highs. Metaverse tokens take some of the
biggest hit | Source: Arcane Research MANA, SAND, and AXIE are some
of the most popular metaverse tokens and have grown a lot in price
in accordance with their popularity. However, with the market
crash, they have not been able to hold up well. All of these tokens
have lost over 68% since they hit their all-time highs. All three
met averse tokens are down, trading at $2.27, $3.27, and $52.66
respectively. What About Layer 1 Cryptocurrencies? Layer 1
cryptocurrencies also took a major hit but have seen a more varied
performance when compared to the metaverse tokens. Heavy hitter
like Solana (SOL) and Cardano (ADA) were some of the hardest hit
Layer 1 cryptocurrencies, both of them going the way of the
metaverse tokens with over 68% losses since their various all-time
highs. Other lesser known Layer 1 tokens have a different story
though. Related Reading | Ethereum Leaves ETH 2.0 In The Past
In New Roadmap Rebrand FTM, ONE, ATOM, and Near, popularly referred
to as the FOAN, made a splash while others were suffering. Each one
of these cryptocurrencies have managed to outperform the market in
a time where altcoins are dumping in response to bitcoin’s decline.
A look at decentralized finance (DeFi) paints a sadder story. This
space that has brought finance products closer to the average
investor saw some of the highest declines. Tokens from this space
have recorded as high as 80% decline since their all-time highs.
The crypto market has managed to hold up against the crash but not
before losing substantial value. In total, the crypto market is now
down 50% from its all-time high. It now sits at $1.686 trillion at
the time of this writing. Crypto market cap crumbles to $1.6
trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Bitcoin Magazine, charts from Arcane Research
and TradingView.com
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