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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Algorand, Solana, And More Lead List Of Biggest Losing Altcoins

Best Owie
Best Owie
1 year ago
3 mins read
Picture of various altcoins

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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.

Related Reading | Bitcoin, Ether Spike After Fed Announce No Change To Interest Rates

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.

Table showing altcoins 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.

Related Reading | This Bitcoin Morning Star Could Brighten The Bullish Narrative In A Flash

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.

Bitcoin price chart from TradingView.com

BTC struggling at $48K | Source: BTCUSD on TradingView.com
Featured image from Investment U, charts from Arcane Research and TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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