The crypto market has been facing a turgid decline over the last few days as tokens continue to shed a massive amount of their values. Leading the market is Bitcoin, the king of the crypto market, as it has posted a two-digit loss for over a week now. Although the market is very volatile at this period, some top tokens are still doing the market proud. In the same vein, other tokens in the market have shed a massive amount of their value in the same time frame. In this article, we will be taking a detailed look into the Top 5 dying crypto in the market in the last seven days.
Top 5 Dying Crypto For The Week
With the market already running at a loss, some tokens have posted more losses than others. These tokens have been affected by the major factors pushing the market’s volatility in a bearish direction. Below are the Top 5 dying crypto for this week;
Terra (LUNA; -100%)
LUNA, which saw a massive 100% loss across the last seven days, is topping the chart for this week’s list of dying cryptos. Terra is a blockchain protocol that uses stablecoins backed by physical currency to facilitate stable payments across the globe. In a page from its Whitepaper, the protocol combines the stability exhibited by stablecoins with the massive adoption enjoyed by physical currencies. The blockchain was launched in 2019 after a series of works across 2018. The platform has a stablecoin pegged to the Korean won, unveiled in 2021. LUNA presently trades at $0.000304 with a massive jump of $54.25 in the last 24 hours. It presently has a market cap and trading volume of $2,064,271,680 and $7,868,676,645.
Anchor Protocol (ANC; -86.91%)
The second spot for this week is Anchor protocol’s native token, ANC, with the token seeing a massive decline of 86.91% over seven days. Anchor is a lending and borrowing platform that provides traders with yields of 19.5% on stablecoins across the market. Lenders who prefer to earn rewards can deposit UST, the native stablecoin of Terra, to earn rewards without the fear of high volatility. Borrowers can also use their LUNA as collateral to take loans without surrendering the control of their assets. Its native token, ANC, is presently trading at $0.215, with a decline of 4.16% in the last 24 hours. The token has a market cap of $74,467,762 and a trading volume of $453,683,298 in the last 24 hours.
Terra USD (UST; -82.00%)
The Terra UST stablecoin is taking up the third spot for this week’s top 5 dying cryptos after seeing a massive decline of 82.0% in the past week. UST is the native stablecoin of the Terra blockchain. The coin is scalable and provides yield on staking while pegged to the US dollar. The token was initially made to rival the Dai stablecoin by providing traders with massive scalability. This means that traders can leverage it for inter chain uses amid other uses. Traders should also note that the stablecoin has been depegged from the fiat currency backing it. UST is trading at $0.182 in the last 24 hours with a surge of 7%. The token has a trading volume of $418,589,918 In the last 24 hours. It also boasts a market cap of $2,055,531,981 in the same time frame.
Sperax (SPA; -66.04%)
This week’s fourth spot is SPA token, after a whirlwind week saw it post a loss of 66.04% in the last seven days. Spread is an open-sourced development team whose main focus is to better the Sperax protocol by building products on it. The development team has built a massive number of projects through the increased decentralized finance apps and the auto yield stablecoin housed on the blockchain. The native token of the platform, SPA, has been trading in the bearish region in the last 24 hours, posting a price of $0.0531 with a decline of 1.79%. The token presently has a trading volume of $5,577,283 and a market cap of $38,989,101 over the last 24 hours.
Beta Finance (BETA; -65.94%)
Rounding up the list for this week is Beta Finance native token BETA, with a bearish performance of 65.94% over the last seven days. Beta Finance acts as a money market and is housed on Ethereum. Users leverage the platform to lend, borrow, and short assets. It enables users to enjoy high scalability while providing a massive amount of tokens for shorting. Lenders are provided with rewards for lending on the platform. The platform has refused to take a page from the playbook of most centralized exchanges, eliminating the use of order books. BETA is presently trading at $0.93 with a price surge of 4.35 in the last 24 hours. The token has a market cap of $37,671,393 and a trading volume of $8,897,760 over the same time frame.
What You Should Do In A Market Decline
With the market still in decline and trying to return to winning ways, traders must ensure not to panic. The first factor that affects the price of digital assets is how panicky the market is at the time. Once traders start panicking, they tend to lose their will to continue investment and take profit from the slight loss they have encountered. In this instance, traders should ensure they go back to the drawing table. They can access their portfolio and look at cryptos massively dipping like the ones above.
They can look for a new strategy that would help them dump the assets or carry out another strategy. Also, traders should always ensure that they trade with money they can afford to lose, as this will help them stay strong in the market and not be emotional over losses. Traders should also not forget to carry out a great deal of research when looking to buy new tokens to add to their portfolios. This will help them navigate their way out of the bearish market. Finally, traders should ensure that they diversify their portfolios during a bearish market like this.
The crypto market has continued to shed value in the last few days, with tokens still in the bearish region. Although most of them are making up for it, it would take time before they finally see a surge. However, traders should ensure that they keep tabs on the market to know when to enter and make profits. This is because the market provides an entrance for traders in a bearish position. This will help traders accumulate more profits in the market.
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