4 Top Crypto Losers of the Start of the Week
As the crypto market crash continues, investors prepare for the unpredictable rollercoaster ride that comes with it. This week, leading cryptocurrencies such as Bitcoin and Ethereum have experienced losses, ending up in the red zone with substantial decreases in their worth. Let’s explore the top crypto losers as we begin this week, examining their recent performances.
1. Akash Network (AKT)
Trading at $5.26 today, AKT, the native token of Akash Network, has experienced a 9.41% decrease in the past day, leaving investors to feel the sting. After appearing on charts as one of top gainers at the end of last week, recording gains of 28%, it seems that the weekend ran down the token’s value. AKT has also seen a dramatic 43.72% decrease in performance over the course of one month.
AKT currently holds the 63rd position with a market capitalization around $1.23 billion in the market. The amount traded over the past day is $78.67 million, showing a rise of 39.83%. Nevertheless, the ratio of volume to market capitalization stays at 6.44%, showing minimal trading activity in relation to its market value.
Akash Network revolutionizes cloud computing with blockchain technology, offering a decentralized marketplace for faster, more efficient, and affordable access to essential resources, disrupting traditional cloud services for user.
2. Immutable (IMX)
Immutable price has also encountered a challenging period, with a 9.09% drop in the past 24 hours, to trade at 2.06. This decrease further troubles IMX investors, who have witnessed a significant 78.26% decline from its highest point reached two years ago.
Even though IMX has a market cap of almost $3 billion, holding 33rd position, it trading volume has dropped significantly by 34.46% in the last 24 hours. The volume-to-market cap ratio stands at 1.59% at present, indicating a trading activity lower than its market capitalization.
Immutable X revolutionizes Ethereum by enhancing NFTs with a layer-two scaling solution, addressing scalability issues and high gas fees while ensuring security.
3. Pendle (PENDLE)
PENDLE joins the list of crypto losers with an 8.12% decline in the last day and a notable 21.21% decrease over the past week. Investors who witnessed the token’s all-time high just a month ago have seen their investments dwindle by 46.35%.
PENDLE boasts a market cap of over $960 million, appearing among the top 100 cryptocurrencies. Its trading volume has surged by 30.35% in the last 24 hours, reaching $34.7 million. The volume-to-market cap ratio currently stands at 3.42%, indicating relatively active trading compared to its market capitalization.
Pendle is a protocol that allows for the tokenization and exchange of future yields. By introducing a new AMM that backs assets with time decay, Pendle empowers users to have greater influence over future yield through offering flexibility and possibilities for its use.
4. Airweave (AR)
Airweave (AR) wraps up the list with an 8.79% decrease over the past day to trade at $37.78. Although it faced setbacks, AR’s value has increased by a significant 49.57% in the past month, giving investors some hope.
AR has a market cap of over $2.47 billion, holding the 44th position in the market, according to CoinMarketCap. The Arweave token experienced a rise of 15.50% rise in the last 24 hours, reaching $126.24 million in trading volume. The ratio of volume to market capitalization is 5.04%, showing strong trading activity compared to its market value.
Arweave is a decentralized storage network that allows indefinite data storage. It hosts the permaweb, a permanent decentralized web, using the native cryptocurrency AR to pay miners for storing information.
Conclusion
The continuous volatility of the cryptocurrency market poses a consistent challenge for investors, causing established tokens to also experience price fluctuations. Although these top crypto losers have experienced downturns at the beginning of the week, the cryptocurrency market remains uncertain, prompting investors to stay cautious while dealing with the volatile world of digital assets.
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