The crypto market is largely in decline, with the majority of coins in the top 100 trading in the red at the time of writing. Renewed fears of a deeper recession and higher interest rates shook crypto markets over the weekend.
Top cryptocurrencies
Bitcoin and Ethereum tumbled over the weekend as concerns about rising interest rates and the possibility of a recession intensified. At the time of publication, Bitcoin was down roughly 3%, trading just above $33,500.
Ethereum, the second-largest cryptocurrency by market capitalization, fell about 4%, bringing its losses over the past seven days to roughly 14%.
The rest of the top ten coins were also in negative territory. Terra’s LUNA dropped 10% overnight after its stablecoin UST briefly lost its peg to the US dollar. LUNA’s losses over the past week now total about 26%.
Coins outside the top 10 fared no better, with most logging declines of 3–7%. Notable exceptions included Tron and NEAR Protocol, which rose about 3% and 10% respectively.
TRON has been in the spotlight recently due to the much-anticipated USDD stablecoin. The project gained momentum at the end of April when the ecosystem announced an investment initiative in Suriname, among other developments.
NEAR Protocol reported that 500,000 new accounts were created on its platform in a single day. NEAR has continued to grow since that milestone and was up roughly 10% at the time this article was written.
Big movers
Outside the top 20, most tokens were lower. The largest losers included Kava (-9%) and Maker, AAVE, and ApeCoin, each down around 8%.
ApeCoin, which had looked promising, was also one of the biggest weekly losers, dropping about 31% over the past seven days.
The top 100 is not without winners: Monero (+5%), Waves (+4%), XDC Network and ICON (+3% each), and Celo with a modest 2% gain. Monero’s hash rate exceeds 40% and continues to rise.
Trending
The biggest gainer today is MetaPay, trading at $0.000034 and surging 547% in the last 24 hours. MetaPay is a token intended for purchases within the Metaxion metaverse.