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.
If you don’t want to miss any news from the crypto world, then be sure to subscribe to our premium area!
You might also like
More from Altcoin
Is the Tron correction already over? Where should you start? Let's explain everything you need to know in this Tron …
How does the roller coaster continue? And most importantly, should you Buy Cryptos today? Let's talk about the current fundamentals …