The Crypto Market Cap Makes a Comeback
The crypto market cap has experienced a surge, reaching $2.47 trillion after a 2.4% increase in just one day. However, despite this positive development, the trading volume remains down, having decreased by almost 18% compared to the previous day.
Even popular cryptocurrencies like Bitcoin and Ethereum are not exempt from the dip. Bitcoin is currently valued at $64,616 with a loss of 4.6%, while Ethereum stands at $3,368.11 after a 7.6% loss. It is evident that the market is experiencing a downturn. Additionally, the fear and greed index score has dropped from extreme greed to 75 points.
Top Losers of the Week in the Crypto Market
Among the thousands of cryptocurrencies in the market, several have been unable to withstand the volatile nature of the industry and are losing value. It is not surprising for crypto investors to encounter market volatility as it is an inherent characteristic of the crypto market. This week, the top losers include Sei, Injective, BONK, Helium, and Arbitrum.
Sei (SEI)
The current trading price of Sei is $0.8125, representing a 22% loss within a week. The decrease in value is also reflected in the trading volume which currently stands at $145,421,778 after a 30% fall within one day. Despite these setbacks, Sei is attempting to make a comeback with a slight increase of over 0.75% in market capitalization, bringing its value to $2,175,064,793. Unfortunately, just seven days ago Sei had experienced significant growth and set a new all-time high record of $1.14 before its decline.
Injective (INJ)
Injective has shown confidence this month with a 7% increase in price compared to a month ago. It is currently trading at $35.89 after a 21.48% loss, and its market capitalization stands at $3,352,413,964. The most significant blow is seen in the trading volume, which has experienced a 31% dip and now stands at $121,850,088. Despite these losses, INJ is only 32% away from reaching its all-time high value of $52.75 set just nine days ago.
BONK
BONK has fallen by 20% in just one week but has shown signs of recovery with a 3% surge from yesterdayโs value. Currently trading at $0.0000225, it reached an all-time high of $0.00004704, indicating a difference of 52%. BONK was previously trending in the charts but has now joined the list of top crypto losers due to changing market trends.
The trading volume for BONK continues to decline and currently stands at $142,840,691 after a 30% dip. However, there has been a slight increase in market capitalization as it ranks at 71 with a value of $1,465,920,205 after a 3% hike.
Helium (HNT)
Helium had previously impressed its community by reaching a year-high value of $10.4. However, it is currently experiencing a continuous decline of 18%, with its value now at $6.54 and a market capitalization of $1,051,716,416. The trading volume has also suffered a significant blow with a 33% dip, now standing at $9,130,427. Compared to its all-time high value, Helium is in an 88% dip and has a long way to go before reaching that peak again.
Arbitrum
Arbitrum is currently trading at $1.62 after a 13% loss within a week. This decline follows the tokenโs all-time high of $2.40 on January 12th. On a positive note, its market capitalization is on the rise with a 1.71% increase, bringing its value to $4,290,401,833. However, the trading volume has experienced a 30% dip and is currently at $444,904,844.
Conclusion
The list of crypto losers for this week includes Sei, Injective, BONK, Helium, and Arbitrum. Many of these cryptocurrencies had recently reached their all-time high values before succumbing to the bearish trend in the market. It remains to be seen how the market will fare next week and which cryptocurrencies will become the new top losers.
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