This past week was a harsh one for the cryptocurrency market. ALL cryptocurrencies lost in value. Many reasons led to the decline of this striving market and wiped more than USD 700 Billion in market capitalization. So far, only stablecoins were stable, with the exception of Polygon (MATIC) which is still up by 8% in the past 7 days. All the rest of cryptocurrencies are down (from -10% all the way to -57%). In this article, we’re going to highlight 5 crypto losers which lost the most among all cryptocurrencies.
This crash made it clear that owning a portfolio of cryptos won’t help you much in a down market. It basically increases your gains in case one crypto increased in value more than the other. But the opposite is not true, as all cryptos lost in prices in the crash. Diversifying in order to hedge your crypto positions can’t be done, unless you use synthetics products and crypto derivatives. Those products move in the opposite direction of a destined crypto (eg. XRPDOWN). Anyway, without further ado, let’s see which cryptos lost the most so far in the past 7 days, and are the biggest crypto losers.
Top 5 Crypto Losers during the Market Crash
5- Terra (LUNA): – 49%
This project is a very interesting one. Terra seeks to use fiat-pegged stablecoins to enhance global payment systems. It seeks to combine a basket of currencies to provide a solid, fast and affordable settlement system. Unfortunately, this project lost around 50% in value. This is due to its previous high increase in prices, with no real consolidation along the way. If we look at figure 1, we can clearly see how LUNA’s price shot high with no sign of important areas along the way. Consequently, when prices fall, they’ll fall hard until they reach a previous support level, which for the case of LUNA, was pretty low.
- Current Price: USD 8.2
- Market Capitalization: USD 3.1 Billion
- Circulating Supply: 382.8 Million
- Max Supply: 960.6 Million
- Market Rank: #35
Fig.1 LUNA/USD 1-day chart showing a retracement back to a strong support area – TradingView
4- EOS (EOS): – 50%
EOS is another very interesting project. They provide developers simple tools to be able to build decentralized apps (or aka DApps). They aim to spread decentralized technology and let projects plug and play seamlessly into their ecosystem. Sadly, the market cap of this project fell significantly. Similar to Terra, EOS had a strong uptrend with no real breathers in between, resulting in no support areas, except for the low ones.
- Current Price: USD 5.45
- Market Capitalization: USD 5.1 Billion
- Circulating Supply: 953 Million
- Max Supply: 1 Billion
- Market Rank: #25
Fig.2 EOS/USD 1-day chart showing the rise and the fall of EOS – TradingView
3- Internet Computer (ICP): – 52%
This project basically came out of nowhere. Crypto enthusiasts woke up to the news of a newly established crypto that was plugged into the Top 10 biggest cryptos by market cap. Internet Computer aims to scale smart-contracts computation and data. It has great speed and processes data and stores them efficiently while providing a platform for developers. If we look at figure 3, we will only see a downtrend since inception. This is due to ICP being a new addition to the crypto sphere. Many old-time investors can’t bear waiting for the project to pick up further. Also, when the coin is listed, those very same investors look for ways out, specifically to cash out their capital gains which they made when purchasing ICP tokens at huge discounts during the pre-sale. Naturally, prices will decline. Unfortunately for ICP, the recent market crash made the price decline worse, making the ICP coin lose more than 52% in the last 7 days.
- Current Price: USD 145
- Market Capitalization: USD 18 Billion
- Circulating Supply: 123 Million
- Max Supply: 469 Million
- Market Rank: #9
Fig.3 ICP/USD 4-hours chart showing the downtrend of ICP – TradingView
2- OKB (OKB): – 56%
OKB is the token of the cryptocurrency exchange OKEx. It runs on the Ethereum blockchain and is used to either send/receive value or to be used on the OKEx exchange. The coin recently saw huge growth in its price, specifically from a price of USD 5 all the way to a price of USD 42. An adjustment was overdue, and the recent crypto market crash didn’t make it any easier. The price sank to the current price of USD 14, which makes this coin #4 on our list of Crypto Losers.
- Current Price: USD 145
- Market Capitalization: USD 18 Billion
- Circulating Supply: 123 Million
- Max Supply: 469 Million
- Market Rank: #9
Fig.4 OKB/USDT 1-day chart showing the rise and the fall of OKB – TradingView
1- Shiba Inu (SHIB): – 57%
This is where things get interesting. If you really bought this Dog token, well, it looks like you’re into gambling. Buying a coin with no real use case isn’t a trait of smart investors, but savvy gamblers. This project came to life only to monetize Doge’s popularity. When Doge failed to break through after the SNL, Doge tanked, and other Dog tokens appeared. In fact, the first event that made Shiba Inu lose money was the dumping of those dog tokens by the guy behind Ethereum, Vitalik. After that, Elon bashed Bitcoin for not being eco-friendly. Later, the China ban came in, so all gamblers and dog-token speculators were out of the market. Finally, BSC is suffering some outages as reported by a few projects. All those events made Shiba Inu lose more than 57% in value.
- Current Price: USD 0.000008
- Market Capitalization: USD 394 Trillion
- Circulating Supply: Quadrillion
- Max Supply: 1 Quadrillion
- Market Rank: #34
Fig.5 SHIB/USD 4-hour chart showing the straight decline of SHIB – TradingView
Conclusion
Despite them being the Top Crypto losers during this current market crash, we can’t assume that those projects are bad (except for SHIB 😉 ). ICP, EOS, and LUNA have great projects that will certainly breakthrough once the market calms down. They all just happen to have gained tremendously in terms of market cap, and their support areas were very far from their respective all-time high prices. That’s why it is advisable to wait a bit before buying back, at least till the market calms down and momentum goes back into the crypto markets.
Stay Ahead, Stay Updated
Rudy Fares
Top 5 Cryptocurrencies© Cryptoticker
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