As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market ups and downs. The recent news about the significant losses suffered by Starknet (STRK), ORDI (ORDI), and MultiversX (EGLD) among the top 100 cryptocurrencies has left me feeling a bit uneasy, to put it mildly.
Although the total value of the cryptocurrency market has risen, several large-cap cryptocurrencies experienced significant declines since January 1, 2024. One out of every three tokens within the top 100 is currently reporting losses, according to Colin Wu’s assessment.
Starknet (STRK), ORDI (ORDI), MultiversX (EGLD): Worst performers in top 100
Among the top 100 cryptocurrencies in terms of market capitalization, a total of 37 tokens experienced a decrease in their capitalization values year-to-date. In contrast, Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies, reported impressive gains, according to Chinese cryptocurrency journalist Colin Wu.
As a financial analyst, I’ve identified three cryptocurrencies – Starknet (STRK), ORDI (ORDI), and MultiversX (EGLD) – that experienced significant losses in the recent market downturn. Specifically, STRK, which serves as the core native currency of Ethereum L2 Starknet, suffered a setback with a 50.33% decrease in value.
Optimism’s OP fell by 38%, Arbitrum’s ARB decreased by 31.5%, and Polygon‘s (MATIC) dropped by 27.6%.
As a researcher examining the performance of various “underperforming” tokens, I’ve noticed that Chainlink’s LINK and Internet Computer’s ICP have held up relatively well, each experiencing losses below 1%.
Total crypto market cap added 40% in 2024
In 2024, I anticipate that the long-awaited approval of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States will ignite a new surge in cryptocurrency prices.
I’ve analyzed the data and found that the total value of cryptocurrency tokens experienced a significant increase, jumping from $1.773 billion to $2.467 billion. This surge in value reached its highest point on March 13, when it peaked at an impressive $2.891 billion.
The proportion of Bitcoin (BTC) in the total cryptocurrency market cap, referred to as Bitcoin dominance, experienced significant growth throughout the specified timeframe. According to TradingView data, this ratio surpassed a three-year high by increasing more than 6.2%, peaking at 57% around mid-April.
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2024-04-27 16:20