Which altcoins lost the most to investors this week

Altcoins

Cryptocurrency markets started the week with a major crisis due to the SEC’s lawsuit against Binance and Coinbase.

The regulatory action by the U.S. authority, which is claimed to be driven by the presence of many crypto assets classified as securities, created seismic effects in the altcoin market. As the week approached its end, it was observed that selling pressure reached its peak in the crypto market.

The most significant drop occurred over the weekend when the SEC announced its lawsuit against Binance on Monday, triggering a rapid wave of selling in the cryptocurrency markets. By the end of the day, the total market value had declined by nearly 5%. The following day, the SEC made another move by announcing a similar lawsuit against Coinbase, further intensifying the situation.

However, market participants responded to this news with buying pressure, leading to a recovery of the previous day’s losses. However, these buying pressures were not enough to dispel the dark clouds hanging over the market for the rest of the week. The SEC’s impact continued to negatively affect the cryptocurrency markets throughout the week. Binance, as the exchange most affected by the lawsuit against its US subsidiary, had to end its fiat trading services due to the termination of cooperation with its banking partners. Now, the exchange operates solely with crypto-based transactions.

The pressure on the industry was not limited to this. The US-based trading platform Robinhood announced yesterday that it would cease trading Cardano (ADA), Solana (SOL), and Polygon (MATIC), which are among the largest altcoins, due to the SEC’s classification of these altcoins as securities.

The concern that the negative developments of this week will continue has accelerated selling in the markets, as it is expected that the pressure on the cryptocurrency sector will increase.

The SEC’s mention of many high-market cap altcoins as securities in the recent two lawsuits increased concerns and had a significant impact on the significant sell-off of altcoin portfolios. The total market value dropped to as low as $1.04 trillion. While altcoins experienced double-digit losses, Bitcoin and Ethereum saw relatively limited losses.

Bitcoin continued its weekly decline with a 5.5% drop and is currently trading around $25,700. Bitcoin’s dominance, however, increased by 5% since the beginning of the week, reaching 50% amidst the overall market decline.

Ethereum recorded an 8.5% decline this week, dropping to $1,740. Alongside the two largest cryptocurrencies, XRP, which the SEC chose not to mention in the lawsuits, only saw a 7% decline this week, dropping to $0.49. However, the situation is much worse for the rest of the top 10 cryptocurrencies.

The majority of the losses occurred in the last 24 hours, and among the largest cryptocurrencies, Cardano (ADA), Solana (SOL), and MATIC (ADA) experienced losses of over 30% in the past week. These altcoins, particularly the ones delisted by Robinhood, faced the most significant drop.

Among the top 100 cryptocurrencies, those that lost over 30% of their value this week include:

Sui (SUI): -38%

Cardano (ADA): -36%

Conflux (CFX): -36%

Filecoin (FIL): -35.4%

Polygon (MATIC): -33.6%

Sandbox (SAND): -33.5%

Gala (GALA): -33.5%

Aptos (APT): -32.4%

Axie Infinity (AXS): -32.2%

Flow (FLOW): -31.88%

Algorand (ALGO): -31.8%

Solana (SOL): -31.59%

Chiliz (CHZ): -31.5%

Decentraland (MANA): -31.25%

Dash (DASH): -30.85%

Among the top 100 cryptocurrencies, only one altcoin remained positive with a slight increase. Terra Classic (LUNC) managed to maintain its value, rising 2.6% since last week.

This reporting is provided by investing.

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