BackBitcoin, BNB, Terra, Ether among top 5 trending cryptos worst-hit with weekly drop 25-75%
The global crypto market is at $959.73 billion down by 13.115 over the last day, as per CoinMarketCap. The top 5 trending cryptocurrencies are - Green Satoshi Token (SOL), Bitcoin, BNB, Terra Classic (LUNC), and Ethereum.
PremiumThe cryptocurrency market is restless and bleeding on Monday as investors carry a panic selloff after US inflation data hits a fresh 40-year high. Also, weak global markets further added to the vulnerability in cryptocurrencies. The downside has been so steep that the crypto market even erased its valuation of $1 trillion. Bitcoin and Ethereum dragged the broader market as they correct by huge margins. With the latest selling pressure, the top five trending cryptocurrencies have extended their weekly losses.
The global crypto market is at $959.73 billion down by 13.115 over the last day, as per CoinMarketCap.
At present, on CoinMarketCap, the top 5 trending cryptocurrencies are - Green Satoshi Token (SOL), Bitcoin, BNB, Terra Classic (LUNC), and Ethereum.
Here's how their weekly performance has been as per CoinMarketCap:
1. Green Satoshi Token (SOL):
Green Satoshi Token (GST) is a game token performed by STEPN which is a web 3.0 lifestyle app equipped wth in-built fun social elements and gamification design. Players can earn GST tokens by doing any basic activities such as walking, jogging, and running outdoors while wearing NFT Sneakers. The tokens can also be used to level up and mint new Sneakers, meanwhile, players can also sell/rent their NFT sneakers on the App Marketplace.
GST (SOL) was currently trading at $0.1791 down by 23.18% in the last 24 hours. Its' market cap stood around $18,869,750. The token has touched the day's low of $0.1681.
In the last seven day's trading session up till now, the token has nosedived by nearly 75%.
2. Bitcoin:
The leader of the crypto market was trending second on the list. It is the sharp free fall in Bitcoin that has pushed the broader market to bleed heavily.
A decentralised cryptocurrency, Bitcoin was originally described in a 2008 whitepaper by an unknown person. Later in 2009, the cryptocurrency was made available for trading without any source of its management or owner. Up till this date, no one is aware of who invented this digital coin, however, many speculations and names have popped up. 'Satoshi Nakamoto' is presumed to be the pseudonymous person or persons claiming to be based in Japan, as the inventor of bitcoin. However, these speculations are still not confirmed as of date. But that hasn't stopped the frenzy in Bitcoin.
At present, Bitcoin is trading at $23,750.23 down by 13.36%. The coin has a market cap of around $452.83 billion. Bitcoin's dominance has also decreased by 0.53% to 46.97% of the total crypto market, over the day. Bitcoin has hit over 18-months low.
Bitcoin's weekly fall is around 25%.
The crypto had touched an all-time high of 68,789.63 in November last year. Since then, Bitcoin has plummeted by a breathtaking 65.5%.
3. BNB:
BNB known as Binance was launched in 2017 and has emerged as the biggest cryptocurrency exchange globally based on daily trading volume. With its unique ecosystem of decentralized, blockchain-based networks, BNB is an integral part of the successful functioning of many of the Binance sub-projects.
Currently, BNB is traded at $220.78 lower by 14.06%. The crypto was near its day's low of $218.87. The crypto has a market cap of $36.05 billion at the current price level.
BNB has dropped by nearly 29% in the last trading session up till now.
4. Terra Classic (LUNC)
After the dramatic and nervewracking flash crash of Terra USD and its token sister, the Do Kwon's Terraform Labs launched a Terra 2.0. Under the revamped program, the original Terra chain has been rebranded as Terra Classic.
Under the rebranded Terra Classic, the original cosmos chain will still run, however, with market swaps (mint/burn function) disabled. Further, all balances will continue to be the same. Luna has become Luna Classic (LUNC). Also, Terra stable coins (UST, KRT, EUT, etc.) have been renamed Terra Classic stable coins (USTC, KRTC, EUTC, etc.).
Terra is a blockchain protocol that combines the price stability and wide adoption of fiat currencies and also with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
At present, Terra Classic was trading at $0.00005884 lower by 12.05%. The coin traded around the intraday low of $0.00005716. It has a market cap of $384.88 million.
Terra Classic had dipped by around 32% in the last seven sessions up till now. Its sibling Terra LUNA which is the sixth trending cryptocurrency on the exchange has witnessed a weekly drop of around 54%.
5. Ethereum:
Ether is the second-largest crypto in terms of market valuation. Ethereum is a decentralized open-source blockchain system and was made available for trading in 2014. The blockchain works as a platform for many other cryptocurrencies and also is developed for the execution of decentralized smart contracts.
At present, Ether is trading at $1,196.45 down by 18.53%. The crypto was near the day's low of $1,189.90. Its current market capitalisation stands around $144.96 billion.
Ether has made a weekly decline of around 38%.
A Bloomberg report on Sunday said that with more than 4 million Ether deposited through Lido, or 32% of the total amount of the token being staked, the concentration is raising red flags. One entity holding a huge amount of Ether could raise security risks for the network, critics say.
Ether is currently planning a software upgrade. Under the upcoming upgrade, the current Ethereum Mainnet will "merge" with the beacon chain proof-of-stake system. This will mark the end of proof-of-work for Ethereum and the full transition to proof-of-stake. Also, this is planned to precede the rollout of shard chains.
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