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Is there a bottom to the bottom? Five big cryptocurrencies that collapsed the most

Tanja Nechet

News editor

Jul 27, 2022 at 08:27

The total market value of cryptocurrencies has fallen threefold since peaking in 2021. Even popular tokens seriously lost in value: BTC (Bitcoin), ETH (Ethereum), SOL (Solana), and MATIC (Polygon). Alas, crypto winter is not over. Some analysts predict that the worst is yet to come.

Meanwhile, investors are biting their elbows counting capital losses. According to CoinGecko, the total cryptocurrency market is $1 trillion, based on the combined value of all coins tracked by the cryptocurrency tracker.

In recent months, many coins have plummeted in value and are very far from their historical highs: Bitcoin, for example, is down nearly 70% from its peak, and Ethereum is down 72%. Both records were set in November 2021, when the overall cryptocurrency market briefly crossed the $3 trillion mark for the first time in history.

We have decided to list the most depreciated tokens. But this is not a recommendation to get rid of them as soon as possible (although some big investors have done so).

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Ethereum (ETH)

The price rise appears to have been due to user confidence in the timing of the merger. This update is expected to lower network users’ transaction costs and potentially reduce ETH’s available supply. Ethereum fell another 10% overnight and is now worth $1,486 compared to $1,601 a week earlier (which is 69.51% below its all-time high of $4,891). For the week, Ethereum fell 6.80%.

Solana (SOL)

In the last 24 hours, it has fallen 7% at the current price of $37 per coin. Over the past 7 days, the coin’s price has fallen by 18.34%. Solana is 85.71% below its all-time high of $260.06.

Cardano (ADA)

Over the past 7 days, Cardano’s price has fallen 11.08% and now stands at $0.47235. ADA is 84.76% below its all-time high of $3.10.

Bitcoin (BTC)

The world’s first cryptocurrency’s price fell 10.94% over the week and now stands at $21,634.355 per BTC. Bitcoin is 68.55% below its all-time high of $68,789.

Uniswap (UNI)

Within 7 days, the value of the Uniswap token decreased by 5.05% and is $6.9105. Thus, the price of UNI today is 84.63% lower than the historical high of $44.97.

P.S. And to sweeten the pill: In its latest report, the International Monetary Fund (IMF) said that the bear market had not affected global financial stability.

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