Surprisingly, this week’s list of top crypto losers features some of the previous week’s best performers, such as Floki Inu and BONK.
This week, the crypto market experienced a downturn, unlike previous weeks. Major cryptocurrencies like Bitcoin and Ethereum saw significant drops, with Bitcoin reaching $63,000 and Ethereum dropping to $3,200. Other previously strong performers also struggled, now labeled as crypto losers, as they try to bounce back from the downward trend.
Analyzing the Top Crypto Losers of the Week
Amidst widespread struggles in the cryptocurrency market, numerous cryptocurrencies are showing poor performance, indicating a potential entry into a bearish trend. Let’s delve into the list of top crypto losers and explore the reasons behind their decline.
Floki Inu (FLOKI): Floki Inu, once among the top performers, is now listed as a crypto loser after experiencing a 37% drop, currently priced at $0.0001699. This decline, resulting in a market cap of $1,624,524,250, stems from a recent token burning process where over 3.9 million FLOKI tokens were burnt for utility demand. Despite a 4% increase in trading volume, the value stands at $599,321,262.
Bitcoin SV (BSV): Bitcoin SV witnessed a significant drop from its recent high of $121.17 to $72.9, marking a 33% decrease. The market cap also plummeted by 11% to $1,441,144,803. This downturn followed a UK court ruling, debunking Craig Wright’s claim as Satoshi Nakamoto, impacting BSV prices significantly due to its association with Bitcoin’s whitepaper.
SATS (1000 SATS): SATS faced a 34% price decline to $0.0004497, with the market cap dropping 14% to $899,477,781. The market downturn affected SATS, exacerbated by the ‘sell the news’ trend triggered by recent peaks. Despite an 8% increase in trading volume to $92,317,741, the value declined.
BONK: BONK, previously reaching an all-time high of $0.00004704, now experiences a 31% drop, currently priced at $0.00002034. The market cap also decreased by 22% to $1,326,907,652, with a 10% drop in trading volume to $356,520,711. BONK’s recent hike lacked unique catalysts, leading to waning investor interest and ongoing price declines.
Optimism: Optimism saw a 30% dip in price to $3.08, resulting in a market cap decrease of 10.9% to $3,102,757,738. However, trading volume surged by 46% to $448,545,937. The overall market downturn impacted Optimism and several other cryptocurrencies, erasing weeks of gains and returning prices to pre-hike levels.
In Summary
In just a few minutes, the crypto market can shift dramatically, turning winners into losers. Over the past few days, the market has been losing value for various reasons, including events like the Fed meeting. However, seasoned investors understand how to navigate such downtrends patiently, waiting for the market to eventually shift back to an uptrend.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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