Cryptocurrency Market Turmoil: WIF and NOT Among the Biggest Losers
In the past week, bitcoin and ethereum experienced moderate declines against the U.S. dollar. However, several alternative digital assets faced much larger losses. The meme coin WIF was hit the hardest, losing 31.2% of its value, while NOTcoin dropped by 24.3%.
The cryptocurrency market witnessed significant losses as over two dozen crypto assets recorded double-digit declines against the U.S. dollar. WIF, in particular, suffered the deepest loss, plummeting by 31.2% over the past week, with 5.4% of that drop occurring today. Another notable loser was the TON-issued NOTcoin, which shed 24.3% during the seven-day period and 10.4% within the last 24 hours. Additionally, ENA experienced a 21% decline, CHZ lost 20.4%, and STRK dropped by 19.7% this week.
Furthermore, UNI lost 17.2%, BONK decreased by 16.7%, and FLOKI shed 16%. Other significant losers include SHIB, BEAM, ORDI, FIL, JUP, FLR, and BCH, as they all experienced losses ranging from 14.1% to 15.8%. However, amidst the widespread losses, nine cryptocurrencies managed to avoid the downturn and actually saw gains. Notably, the AI-centric coin FET gained 12.1% against the U.S. dollar.
Another AI-oriented coin, AGIX, rose by 10.2% this week, while Lido’s DAO token, LDO, increased by 5.3%. Pendle experienced a 4.4% rise, ONDO gained 2.6%, and TRX jumped by 2.1%. As of now, the global crypto market cap stands at $2.24 trillion, reflecting a 4.56% decrease over the last day. Excluding BTC, ETH, and stablecoins, the top volumes this week belonged to SOL, BNB, XRP, DOGE, and PEPE.
As the cryptocurrency market settles after a tumultuous week, traders and enthusiasts are reflecting on the resilience and volatility inherent in this ever-evolving landscape. While significant losses dominated the sector, the modest gains observed in certain AI-centric and other coins suggest a nuanced path forward, potentially guided by emerging technologies and community-driven projects.
What are your thoughts on this week’s downturn in the crypto markets? Feel free to share your opinions and thoughts on this subject in the comments section below.
