After recording losses over the past few days, all top 10 cryptocurrencies were lower this morning. The UK100 plunged sharply on Friday, reversing earlier gains from the week as it was dragged down by a global stock sell-off.
US markets fell last week as investors reacted to rising bond yields, particularly inflation-protected TIPS, which signal expectations for future borrowing costs for companies.
Top cryptocurrencies
Most of the top 20 coins have lost between 8% and 15% of their value in the last 24 hours. Bitcoin fell 5.5% today and was trading just below $34,000 at the time of writing. Cardano declined 13%, taking its weekly losses to 36%.
Solana dropped nearly 20% today, bringing its weekly decline to almost 40% and pushing 1 SOL below $90. The Solana blockchain continues to face significant network issues. The token has been in steep decline amid the broader market downturn and has lost nearly 60% since its all-time high in November 2021.
Solana has also slipped to eighth place by market cap and now has a fully diluted valuation under $45 billion, according to CoinMarketCap data.
Top movers
All top 100 coins have lost value. The largest decliners outside the top 20 include Harmony (-19%), Theta Network, Curve DAO Token, THORChain and Quant (all -17%).
Trending
Today’s biggest gainer is Obsidium (OBS), an ecosystem and serverless, cross-chain layer-2 solution designed to support DeFi, AMM and NFT applications.
Its claimed advantages include virtually unlimited scalability, high throughput with sub-second confirmation times, and fees around a tenth of a cent. OBS surged 979% today.
Moss Carbon Credit (MCO2), a token aimed at promoting environmental conservation through a market-based approach, is trading at $18.54 and added 135% to its value.
VELO, the token for Velo Labs, which is building a federated credit exchange network, is trading at $0.066 with a 24-hour trading volume just under $31 million. It rose 35% in the past 24 hours.