After an optimistic post last week, when it seemed like cryptocurrencies were starting to recover again, the crypto market has taken a turn for the worse (or for the better if you want to buy the dip). Every cryptocurrency in the top 100 market capitalization list fell over the last seven days, except for stablecoins and a few currencies that maintained roughly the same value.
The currencies that bore the brunt of the fall are all more obscure coins. POKT fell by 54.8%, CRV by 45.3%, and GALA by 44.4%. However, this doesn’t mean that the big names fared much better.
ETH’s value dropped by 27.6%, and BTC by 18.5% — not the worst of the bunch, but still pretty stark price decreases. Other notable falls include: SOL by 34.9%, DOT by 34.8%, SHIB by 30.6%, LTC by 26.4%, and DOGE by 25.4%. So, if your approach to the markets involves trying to buy when prices are low, you know what to do.
I wasn’t joking when I said that last week’s market saw dips all around, so there’s not much to say regarding price increases. CDAI increased 0.2% and CUSDC by 0.4%, but that’s about it from the non-stablecoins — and we’re hardly talking about all-time highs here.
The crash has wiped out hundreds of billions from the crypto market, and it’s even done some serious damage to the net worths of figures like Elon Musk, Jeff Bezos, and Mark Zuckerberg. Bitcoin is now heading for its worst week in eight months due to the continued losses.
The stock market has also dropped significantly over the last few weeks, which is likely to have impacted the crypto market too. Although cryptocurrencies like to position themselves as an alternative to traditional finance, the truth is that many major companies and banks are now involved in crypto in some way, making the two markets more linked.
However, not everyone has been fazed by the drops. It seems that El Salvador can always be relied on to be bullish about bitcoin, with the nation’s President buying even more of the cryptocurrency. President Nayib Bukele has bought 410 more bitcoins, worth a total of $15 million. The country also plans to launch a bitcoin bond this year, which is one of many bitcoin-related plans the nation has.