Market crash erases $56 billion from top coins

In another volatile period driven by bearish financial news, the cryptocurrency market has faced another red week, with most projects registering meaningful losses in the last seven days, despite a few cryptocurrencies outperforming the vast majority with extraordinary gains.

Notably, the Total Crypto Market Cap index by TradingView (CRYPTOCAP: TOTAL) registered $53 billion in losses (-5%) in the last seven days from press time, on October 13.

Total crypto market cap - CRYPTOCAP: TOTAL 4-hour chart.
CRYPTOCAP: TOTAL 4-hour chart. Source: TradingView

Interestingly, Finbold gathered data from the market capitalization range over the top 10 largest cryptocurrencies, excluding stablecoins, finding noteworthy results. When measuring their highest to lowest market cap, these projects lost a total of $56.4 billion market cap.

Bitcoin (BTC) had a higher market cap of around $550 billion at the beginning of the week, just to be valued at as low as $520 billion in its worst 7-day moment. This accrued $30 billion in losses to the market leader — or minus 5.45% in a week. The other top 9 cryptocurrencies, stablecoins excluded, had similar results.

Weekly market cap losses for the largest cryptocurrencies

  1. Ethereum (ETH): $17 billion in market cap losses (-8.50%)
    1. 7-day highs: $200 billion
    2. 7-day lows: $183 billion
  2. BNB Chain (BNB): $2 billion in market cap losses (-6.06%)
    1. 7-day highs: $33 billion
    2. 7-day lows: $31 billion
  3. Ripple (XRP): $3 billion in market cap losses (-10.7%)
    1. 7-day highs: $28 billion
    2. 7-day lows: $25 billion
  4. Solana (SOL): $1.2 billion in market cap losses (-12.12%)
    1. 7-day highs: $9.9 billion
    2. 7-day lows: $8.7 billion
  5. Cardano (ADA): $0.8 billion in market cap losses (-8.60%)
    1. 7-day highs: $9.3 billion
    2. 7-day lows: $8.5 billion
  6. Dogecoin (DOGE): $0.6 billion in market cap losses (-6.89%)
    1. 7-day highs: $8.7 billion
    2. 7-day lows: $8.1 billion
  7. Tron (TRX): $0.4 billion in market cap losses (-5.06%)
    1. 7-day highs: $7.9 billion
    2. 7-day lows: $7.5 billion
  8. Toncoin (TON): $0.8 billion in market cap losses (-10.81%)
    1. 7-day highs: $7.4 billion
    2. 7-day lows: $6.6 billion
  9. Polygon (MATIC): $0.6 billion in market cap losses (-11.32%)
    1. 7-day highs: $5.3 billion
    2. 7-day lows: $4.7 billion

TRX, BTC, and BNB were, in order, the best performers during this week’s market crash. Meanwhile, SOL, MATIC, and TON were, in order, the worst, with higher losses, adjusted by their size.

This evidences a capital migration to stablecoins and to projects in lower ranks, considering the difference among the total CRYPTOCAP index by TradingView with the top 10 performers excluding stablecoins. Particularly, Loom Network (LOOM) has surged by 500% in the last 30 days, with accumulated gains superior to 60% in this same analyzed week.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.