Thursday, December 1, 2022

Bitcoin loses over 20% in a week, down another 5% today

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The crypto market as a whole continues to suffer with most top 100 coins in the red at the time of writing. 

Top cryptos

Bitcoin lost around 5% in the last 24 hours, trading below $31,000. Ethereum and XRP suffered similar losses. The second biggest crypto is changing hands for just over $2,200. The biggest top 10 loser is Solana with a drop of 12%. 

Cryptos outside the top 10 did not do much better. Avalanche has shed over a quarter of its value so far today with further pain expected. Terra’s stablecoin UST, which lost its currency peg, is down 67%, trading for 30 cents per UST. 

Another big loser is NEAR, down 22% today and 33% this week. 

Top movers

Outside the top 20, the tendency was similar, with most coins losing 7-12% of their value. 

Notable victims of the severe market downturn include Algorand (-22%), Cosmos (-17%), Monero (-18%), ApeCoin (-21%), THORChain (-23%), Axie Infinity (-24%), Fantom and WAVES (each -20%), and the promising STEPN’s GMT (-27%).

Terra’s LUNA is in freefall, down 86% today and ranking 38th. Since the crisis with its stablecoin started, LUNA has lost 95% of its value.                

At the time of publication, the only cryptocurrency in the green was UNUS SED LEO, which has added 6% to its value. This cryptocurrency allows Bitfinex users to save money on trading fees. 

The extent of the discount depends on how much LEO the customer has in their account. LEO is at #22 and seems poised to break the top 20 soon.  

Trending

The biggest winner today is 1SAFU, a platform on Solana where users will be able to send and receive messages, SOL, and NFTs as a single transaction.

To sign up and use the service, one would only need a supported SOL wallet. 1SAFU holders are rewarded generously based on a tiered system. Its token SAFU is up 843% today.  

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