The overall cryptocurrency market continues to struggle, with the majority of the top 100 coins trading in the red at the time of writing.
Top Cryptocurrencies
Bitcoin dropped roughly 5% over the last 24 hours and was trading below $31,000. Ethereum and XRP suffered similar losses. The second-largest cryptocurrency changed hands at just over $2,200. Among the top 10, Solana was the biggest loser, plunging 12%.
Coins outside the top 10 fared little better. Avalanche has lost more than a quarter of its value so far today, with further declines expected. Terra’s stablecoin UST, which lost its peg, has fallen 67% and is trading at around $0.30 per UST.
Another significant loser is NEAR, down 22% today and 33% for the week.
Biggest Movers
The trend beyond the top 20 was similar, with most tokens losing between 7% and 12% of their value.
Notable casualties in this sharp 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 token GMT (-27%).
Terra’s LUNA is in free fall, down 86% today and currently ranked #38. Since the crisis around its stablecoin began, LUNA has lost about 95% of its value.
At the time of publication, the only cryptocurrency trading in the green was UNUS SED LEO, which had gained 6%. LEO gives Bitfinex users fee discounts, with the size of the discount depending on the amount of LEO held in an account. LEO sits at #22 and appears poised to enter the top 20 soon.
Trending
The biggest winner today is 1SAFU, a platform on Solana that enables users to send and receive messages, SOL and NFTs in a single transaction.
To sign up and use the service, users need only a supported SOL wallet. 1SAFU holders receive generous rewards based on a tier system. Its token, SAFU, surged 843% today.