ADA, SOL, DOT and other tokens hit new lows in the past seven days
The cryptocurrency market has been hit hard in the past few days, with the majority of digital tokens seeing a significant drop in value. Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) are among the major assets that witnessed a bearish trend on Friday.
BTC and ETH fell by more than 5% in a single day
BTC experienced a sudden drop below $38k, before seeing further decreases and plunging below the $35k level. According to Coinmarkecap data, the current trading price of $33,653.05 is a 6.4% drop from the day before.
ETH also faced a bearish spell, with the token dropping below the critical $2,000.400 level on Saturday. In the past seven days, ETH has dropped by 27.54%, and is currently trading at $2243.60, representing an 11.21% decline.
Binance Coin, the native token of the Binance Exchange, is currently trading at $343.45 after dropping by 11.21%. The current price is only half of its all-time high ($690.95) from last May.
Cardano, Polkadot and Solana took double-digit losses
The native SOL token of Solana is among the worst-performing top ten cryptocurrencies in terms of market capital. The price fell below $90 on Saturday, before seeing some recovery and reaching $100. The market then took a turn for the worse, and the token is now changing hands at $83.65, after losing 18.85% in the past 24 hours and 40% in the past seven days.
Cardano’s native ADA token is currently trading at more than 66% of its all-time high from five months ago. After falling below $1.00 for the first time in a week, ADA is struggling to remain above this level. The token is currently trading at $0.98, having dropped 13.81% and 36.25% on daily and weekly charts, respectively.
Polkadot’s current price is 70% below its November highs. The token plummeted to a multi-month low at $16.53 on Saturday, before settling at $16.35, the lowest figure since late July 2021.
Most Altcoin holders are in a ‘negative’ position
IntotheBlock, a crypto insights and analysis platform, reported that very few alt-holders are ‘in the money’ due to the recent market crash. The analytics site compared current prices and average purchase values of the coins to determine traders’ positions. Those with an average purchase price higher than the current price are considered to be ‘out of money’. The figures for ADA, MATIC and FTM holders are 9.55%, 7.08% and 4.14%, respectively.