After the market crash, altcoins such as Algorand and Solana recorded some of the highest losses. This has been evident in the performance of these digital assets in the past week. Although the entire market has experienced a decline, Algorand, Solana, and Hedera led the worst performing tokens last week.
Altcoins suffer huge losses
The crash that started with the top coin Bitcoin unintentionally spread to altcoins. Most people have suffered huge losses, with digital assets such as Algorand and Solana having the highest losses. These cryptocurrencies all recorded at least a 20% price drop in a week, and their monthly losses were even higher.
Algorand had the highest loss last week, with a total loss of 24.8%, bringing its price to $1.35. The total loss this month reached 35.5%. Solana lost 20.3% in the same week’s time frame and 36% in the month. Hedera recorded a loss of 20.1% in a week, the lowest of the three, but the highest average monthly loss was 49.2%.
Algorand and Solana record highest losses | Source: Arcane Research
BNB also suffered losses along with other altcoins, as did Ethereum. According to data from Arcane Research, BNB lost 11% this week, while Ethereum lost a total of 14%, which is not as good as Bitcoin this week.
The top three worst-performing tokens are considered Layer1 tokens, which may indicate that the market performance of Layer1 is beginning to weaken. However, the decline is for the entire market and may only be temporary.
Bitcoin is not much better
Altcoins suffered far more losses this week than Bitcoin, but Bitcoin itself did not perform at its best. The digital asset, which continued to rise last month, suddenly encountered obstacles and once again struggled to break through $50,000. Bitcoin lost 8% of its total value in the same 7 days. Less than its altcoin counterparts, but still important.
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Bitcoin outperformed Ethereum this week, once again dominating the market’s second largest cryptocurrency. Ethereum’s drop below $4,000 in the past week helped Bitcoin steadily outperform it in terms of performance.
The top three tokens by market capitalization, namely BTC, ETH and BNB, all fell this week and all fell below key resistance points. This has occurred in the context of massive market sell-offs in the past few weeks, which has caused the entire market to plummet in the value of cryptocurrencies.
BTC struggling at $48K | Source: BTCUSD on TradingView.com
Featured image from Investment U, charts from Arcane Research and TradingView.com