The cryptocurrency market is predominantly bearish, with the majority of top-100 coins trading in the red at the time of writing. Markets were shaken over the weekend by heightened recession fears and rising interest rates, creating a new, more cautious environment for investors.
Major cryptocurrencies
Bitcoin and Ethereum both plunged over the weekend as concerns about higher interest rates and a potential recession intensified. At publication, Bitcoin had fallen by about 3% and was trading just above $33,500.
Ethereum, the second-largest cryptocurrency by market capitalization, declined about 4%, bringing its losses to roughly 14% over the past seven days.
Other top-ten cryptocurrencies also recorded declines. Terra’s LUNA token dropped around 10% overnight after its stablecoin UST briefly lost its peg to the US dollar. LUNA’s losses over the past week now stand at approximately 26%.
Cryptocurrencies outside the top ten fared no better — most fell between 3% and 7%. Notable exceptions included TRON and NEAR Protocol, which rose about 3% and 10%, respectively.
TRON has been in the spotlight in recent weeks due to the much-anticipated USDD stablecoin.
Its rally began in late April when the ecosystem announced investment initiatives in Suriname and other exciting developments.
NEAR Protocol reported that 500,000 new accounts were created on its platform in a single day. Since then, NEAR has continued to climb and was up roughly 10% at the time of writing.
Biggest movers
Outside the top twenty, most coins experienced declines. The biggest losers included Kava (down 9%), while Maker, AAVE, and ApeCoin each fell by about 8%.
ApeCoin, once highly promising, is among the largest weekly decliners, losing 31% of its value over the past seven days.
There were gainers within the top 100 as well: Monero (+5%), Waves (+4%), XDC Network and ICON (each +3%), and Celo with a modest 2% increase. Monero’s hash rate exceeds 40% and continues to rise.
Trends
The day’s biggest winner was MetaPay, trading at $0.000034 and surging 547% in the last 24 hours. MetaPay is a token intended for purchases in the Metaxion metaverse.