Altcoins such as Solana and Algorand have suffered some of the worst losses since the crash. The performance of digital assets over the past week has clearly shown this. Algorand Solana and Hedera were the top performing digital assets for the week.
Altcoins Suffer Massive Losses
Bitcoin was the first coin to crash, but it had accidentally spilled onto other coins. The majority of the losses were severe, with digital assets like Solana and Algorand suffering the most. The price of these cryptos had dropped at least 20% in the span of one week. Monthly records showed even more losses.
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Algorand suffered the worst losses, with a total loss of 24.8% for the week. This brought its value to $1.35. This month’s total loss was 35.5%. Solana also suffered losses of 20.3% and 36% for the month in that same week. Hedera suffered the lowest weekly loss of 20.1%, but the most severe monthly losses with a 49.2% average.
Source: Arcane Research| Source: Arcane Research
BNB suffered along with other altcoins like Ethereum. Arcane Research reported that BNB suffered a loss of 11% for the week, while Ethereum lost 14%, which was less than Bitcoin.
Layer1 tokens were among the three most underperforming coins. This could indicate that Layer1s have begun to slow down in market performance. The dip was market-wide, and could be temporary.
Bitcoin is not much better off
While altcoins suffered more than bitcoin, bitcoin had also not had the greatest performance. Bitcoin, which was on an upward trend for the past month, suddenly hit a roadblock and struggled to reach $50,000. Over the seven days, Bitcoin lost 8%. It was less than altcoin counterparts, but nonetheless significant.
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For the second week in a row, Bitcoin outperformed Ethereum. This once more demonstrates that it is the dominant cryptocurrency on the market. Ethereum’s drop below $4,000 this past week helps to place bitcoin solidly above it in terms of performance.
BTC and ETH were the three largest coins according to market cap. All of them had a bad week. They all fell below their key resistance points. The market has seen massive sell-offs in recent weeks that led to cryptocurrencies’ value plummeting all over the place.
BTC at $48K - Source: BTCUSD from TradingView.com| Source: BTCUSD on TradingView.com
Featured image taken from Investment U. Charts from Arcane Research and TradingView.com.