Altcoins like Algorand and Solana have recorded some of the highest losses following the market crash. This has been apparent in the performances of these digital assets in the past week. While the market at large had experienced dips, Algorand, Solana, and Hedera had led the pack for the worst performing coins for last week.
Altcoins Suffer Massive Losses
The crash which started with the top coin, Bitcoin, had inadvertently spilled over onto altcoins. Most had suffered greatly with the highest losses being recorded across digital assets such as Algorand and Solana. These cryptocurrencies had all recorded at least 20% price drops in the space of a week and even higher losses across monthly records.
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Algorand had seen the highest losses with a 24.8% total loss for last week that brought its price to $1.35. The total losses for the month came out to 35.5%. Solana suffered losses of 20.3% in the same one-week time frame, along with 36% losses for the month. Hedera recorded 20.1% losses on the week-long scale, marking the lowest of the three but saw the highest losses on a monthly average with a 49.2% loss.
Algorand and Solana record highest losses | Source: Arcane Research
BNB also suffered alongside fellow altcoins, as did Ethereum. According to Arcane Research, BNB recorded an 11% loss for the week while Ethereum saw a 14% total loss, underperforming Bitcoin for the week.
The top three worst-performing coins were noted to be Layer1 tokens, which may suggest that Layer1s are beginning to taper off in their outperformance of the market. However, the dip has been market-wide and may only be temporary.
Bitcoin Not Much Better Off
The altcoins had suffered much more than bitcoin for the week but bitcoin itself had not recorded the best performance either. The digital asset which had been on a streak for the last month had suddenly reached a roadblock, struggling to break through $50,000 once again. Bitcoin had lost 8% of its total value over the same seven-day timeframe. Lesser than its altcoins counterparts but still significant nonetheless.
Bitcoin outperformed Ethereum for the week, once again claiming dominance over the number 2 cryptocurrency in the market. Ethereum’s drop below $4,000 this past week helps to place bitcoin solidly above it in terms of performance.
The top three coins by market cap, namely BTC, ETH, and BNB, all had a negative week, all dropping below key resistance points. This comes on the back of massive sell-offs that have been recorded in the market in the past weeks, sending the value of cryptocurrencies all across the market plummeting.
BTC struggling at $48K | Source: BTCUSD on TradingView.com
Featured image from Investment U, charts from Arcane Research and TradingView.com