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The 4 biggest losers in cryptocurrencies today
As the cryptocurrency market recovers from the recent collapse with major cryptocurrencies such as Bitcoin and Ethereum at a loss, some altcoins also ended up in the red zone today. Akash (AKT), Immutable (IMX), Pendle (PENDLE) and Airweave (AR) started the week with substantial losses in value. In this article, we explore these top cryptocurrency losers by analyzing their recent performances.
1. Akash Network (AKT)
Trading today at $5.26, AKT, the native token of Akash Network, has seen a decline of 9.41% over the past day, leaving investors feeling the pain. After appearing on the charts as one of the top gainers at the end of last week, recording gains of 28%, it appears that the weekend has caused the value of the token to drop. AKT also saw a dramatic drop in performance of 43.72% over the course of a month.
AKT currently holds the 63rd position with a market capitalization of approximately $1.23 billion. The amount traded in the last day was $78.67 million, an increase of 39.83%. However, the volume to market cap ratio remains at 6.44%, showing minimal trading activity relative to its market value.
Akash Network revolutionizes cloud computing with blockchain technology, offering a decentralized marketplace for faster, more efficient and convenient access to essential resources, revolutionizing traditional cloud services for users.
2. Immutable (IMX)
Unchangeable price has also gone through a rough patch, dropping 9.09% in the last 24 hours to settle at 2.06. This decrease further worries IMX investors, who have witnessed a significant decline of 78.26% from the high point reached two years ago.
Even though IMX has a market capitalization of almost $3 billion, occupying the 33rd position, its trading volume has significantly decreased by 34.46% in the last 24 hours. The volume to market capitalization ratio currently stands at 1.59%, indicating trading activity below its market capitalization.
Immutable X revolutionizes Ethereum improving NFTs with a layer two scaling solution, which addresses scalability issues and high gas rates while ensuring security.
3. PENDLE
PENDULUM joins the list of cryptocurrency losers with a decline of 8.12% over the past day and a notable decline of 21.21% over the past week. Investors who witnessed the token’s all-time high just a month ago saw their investments decline by 46.35%.
PENDLE boasts a market capitalization of over $960 million, ranking among the top 100 cryptocurrencies. Its trading volume increased by 30.35% over the past 24 hours to $34.7 million. The volume to market cap ratio currently stands at 3.42%, indicating relatively active trading relative to its market cap.
Pendle is a protocol that allows for the tokenization and trading of future returns. By introducing a new AMM that supports assets with time decay, Pendle allows users to have greater influence on future performance by offering flexibility and usage options.
4. Aerial Plot (AR)
Airweave (AR) closes the chart with a decline of 8.79% from the previous day to $37.78. Despite facing setbacks, AR’s value has increased by a significant 49.57% over the past month, giving some hope to investors.
AR has a market capitalization of over $2.47 billion, occupying the 44th position in the market CoinMarketCap. The Arweave token recorded a 15.50% increase in the last 24 hours, reaching a trading volume of $126.24 million. The volume to market cap ratio is 5.04%, showing strong trading activity relative to its market value.
Arweave is a decentralized storage network that allows for indefinite data storage. It hosts the permaweb, a permanent decentralized web, which uses the native cryptocurrency AR to pay miners for storing information.
Conclusion
The ongoing volatility of the cryptocurrency market represents a constant challenge for investors, causing even established tokens to experience price fluctuations. Although major cryptocurrency losers fell earlier in the week, the cryptocurrency market remains uncertain, prompting investors to remain cautious when navigating the volatile world of digital assets.