Crypto Economy Shrinks, Over 3 Dozen Coins Record Double-Digit Losses

While the crypto market experienced a general decline, with bitcoin dropping 5.6% and ethereum falling 4.4%, roughly six crypto tokens managed to stand out over the past week.

Weekly Crypto Report: Bitcoin and Ethereum Drop, Numerous Tokens See Major Losses

As of this writing, the global crypto market capitalization stands at $2.39 trillion, reflecting a 1.83% drop in the last 24 hours. The crypto economy has registered approximately $60.38 billion in global trade volume, which is 44.75% higher than Sunday’s volume. It’s clear that there was a notable downturn, with leading assets BTC and ETH losing 5.6% and 4.4%, respectively. Many others saw even steeper declines.

UNI/USD via Coinbase.

However, six digital assets defied this trend. The decentralized exchange (dex) token linked to uniswap, UNI, was the week’s top performer, climbing 11.7%. Conversely, UNI has decreased by 3.9% in the past day. Lido’s LDO was the second-largest gainer, rising 10.6% against the U.S. dollar but down 1.5% over the last day.

Toncoin (TON) closely followed LDO, with a 10.5% increase against the greenback, although it has dipped 1.9% in the past 24 hours. Other noteworthy gainers this week included XRP, which rose 1.5%, TRX, up 0.5%, and GNO, which saw a 0.3% increase. Overall, the gains this week were minimal and sporadic, while the losses were considerably more substantial.

W/USDT via Kucoin.

Roughly three dozen crypto coins recorded double-digit losses against the U.S. dollar. The largest loser of the week was W, dropping 34%. FLOKI fell by 30.3%, AR by 29.4%, and ORDI by 27.4% over the week. Other significant losers included CHZ (-26.9%), STRK (-25.6%), and WLD (-25.1%).

In a week characterized by significant losses across the crypto market, the resilience of six tokens offers little hope. Their performance amidst the downturn underscores the volatile nature of cryptocurrencies, where rapid gains can often coincide with steep declines. This divergence may prompt traders to reevaluate the stability and potential growth of emerging tokens amid fluctuating market conditions.

What do you think about this week’s crypto market action? Share your thoughts and opinions about this subject in the comments section below.

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