Bitcoin has seen a massive drop in value in the past few days, falling from $ 46,000 to below $ 42,000. As always, Altcoins suffer a lot during Bitcoin slumps. This is due to the fact that Altcoins are very volatile, and react faster to market trends. Additionally, Bitcoin still has a dominance of 40% over the cryptocurrency market. So it is very normal to see Altcoins moving in tandem with Bitcoin, which is considered more mature in the crypto space. Let’s talk about 3 cryptocurrencies that lost a lot during the crypto crash.
Crypto Crash #1: CRV (-32%)
Curve is a DEX for stablecoins, operating in an AMM environment. Its token CRV almost doubled within the last month, with a price growing from USD 3.3 all the way to USD 6.5. This huge price jump was bound for a correction lower as part of a price breather. On the other hand, the crypto market crash made the correction more severe, making CRV lose even more in this past week, specifically -32%.
#2: GALA (-31%)
The GALA token soared very high when the cryptocurrency market increased in market cap. GALA was among the top gainers, making a whooping 900% within 2 weeks back in November 2021. However, ever since reaching a high price of USD 0.8, prices of GALA have been on a decline to reach a current price of USD 0.3.
Analysts are looking at GALA’s decline and attributing it to also two factors: a much-needed price breather, and an extension of the recent crypto crash. Today, prices reached the 50% Fibonacci retracement level and we might see a reversal.
#3: AXS (-26%)
With profits of over 12,000% in 2021, Axie Infinity has been an extremely rewarding investment over the past 12 months. On the other hand, things look different this past week. Anyone who bought AXS these past 7 days is deeply in the red because the token AXS lost around 27%. This makes AXS the cryptocurrency with the strongest losses for this past week.
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