The cryptocurrency market wasn’t able to break its consolidation. Instead, the buying power drained and panic selling went back to the markets. Ethereum was among the first cryptocurrencies that signaled a warning for a potential crash. ETH prices broke their support while most cryptos were still above their respective support areas. In the past 24 hours, the crypto market lost more than 11% on an aggregate level. Which cryptos are the biggest losers during this crypto crash? Here’s our top 3, taking into consideration cryptos with a market cap higher than $250 million.
#1 Crypto Crash: Curve DAO Token (CRV)
CRV had one of its worst weeks since its inception. Its prices fell by around 50% in the past 7 days. Half of that crash, 25% happened in the past 24 hours when Bitcoin and other altcoins crashed. CRV managed to consolidate around $1.25 since the month of May 2022. However, prices breached the psychological price of $1 and prices reached a current price of $0.65. From here, prices can retrace slightly higher, but continue on their downtrend if the entire market continues to crash.
#2 Nexo (NEXO)
Nexo was trying to establish itself as a solid alternative to other big centralized crypto exchanges. However, the harsh conditions of the crypto crash are not helping. The token NEXO crashed in the past 7 days by more than 35%, and 22% only in the past 24 hours. NEXO managed to also consolidate around $1.25 for a brief period before breaking the psychological price of $1 and reaching the current price of $0.77.
#3 Maker (MKR)
MKR prices were trying to recoup previous losses. However, prices failed to break the resistance level of $1,650 and consolidate around $1,250. As the cryptocurrency market collapsed, MKR prices also fell to a current price of $718. In the past 24 hours, prices lost around 21%.
Conclusion
Trading cryptocurrencies is like any business. There are always ups and downs. The crypto market has been on an uptrend ever since mid-2020. Many obstacles presented themselves when crypto went into the mainstream, from tight legislation to slow infrastructure. During bear markets, it is advised to limit your loss and wait on the sidelines until prices stabilize. The above cryptos all have a very similar price-action, mostly due to Bitcoin’s dominance. We remain on the lookout for what happens, so make sure to follow us on Google News to never miss an update.
