Today’s Top 5 Cryptos are facing a serious blow due to the market turmoil.
Led by Bitcoin and Ethereum – two of the biggest cryptocurrencies in terms of market cap – these five cryptos have been hogging the headlines of late.
As losses keep mounting, investors are now wondering when there will be a recovery. This is causing jitters in the wider crypto community and dampening investor spirits.
Here’s a quick look at the Top 5 cryptocurrencies and how much they’ve lost so far:
1 – Bitcoin (BTC)
Bitcoin gets the title of Top 5 Cryptos With the Most Losses. Bitcoin is the most widely used cryptocurrency worldwide. BTC’s market capitalization surpassed $1.27 trillion in November 2017. One unit sold for $69,000. That was an unprecedented high.
Bitcoin’s current price is around $20,000. Bitcoin has experienced a 57.23% decline in its value this year. Bitcoin was still at $20,000 Thursday even though calls for a decline of 20% were made.
Bitcoin's value has fallen by 57.23% Image: Coingape.
2 – Ether (ETH)
Ether (ETH) – at No. 2 on this list – dropped below $1,000 for the first time this month after its value soared 386 percent in the previous year, reaching a record high of $4,812 in November 2021.
ETH is the 2nd largest cryptocurrency worldwide, with a market cap of $134 billion. It has seen a 70% drop in its value from the start of the year to June 23, 23.
This year, Ether has experienced the same fate as Bitcoin and many other cryptocurrencies, bringing its price to its lowest level since January 2021.
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3 – Solana (SOL)
Solana lost 78 per cent of its value in this year. As of Thursday, it traded at $36.28. This is a long way from the November 2021 high of $258. Solana (SOL), with a market cap of $12.46 billion, is the ninth-largest cryptocurrency.
SOL’s market capitalization has fallen 0.51 percent in 24 hours. Intraday trading volume has fallen 9.30%
Crypto market cap total at $932 Billion according to daily chart | Source: TradingView.com
4 – Terra (LUNA)
Luna attained an all-time record of $116 on April 4. The market capitalization for the coin is more than $40B. The price of the token dropped from $86 down to $0.0041 between May 4th and 12.
Do Kwon is the co-founder of Terraform Labs. This week, he told Wall Street Journal that almost all of his wealth was lost to the market crash. LUNA currently has a value of $0.00005682, and Terra Classic was renamed.
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5 – TerraUSD
TerraUSD fell below $1 last month and efforts to restore it to the US dollar peg were unsuccessful. It depreciated to $0.69 before entering what is known as a “death spiral” and lost all value. LUNA has now reached the 5 decimal points immediately adjacent to 0.
Bloomberg reported June 9th that the U.S. Securities and Exchange Commission will examine whether TerraUSD was sold prior to it’s collapse in violation of federal investor protection laws.
Featured image taken from Analytics insight. Chart by TradingView.com