Like every Sunday, it’s time to take stock of the week’s crypto performance. The crypto-crack at the end of the week completely changed the situation! In fact, there is no top 50 crypto in the green over the last 7 days. In other words, this week the cryptopody only contains… flops! While this may sound a little depressing, low prices also mean opportunities.
The price of cryptocurrencies in free fall, why?
Since Friday, the crypto market has experienced a very significant air pocket.
A large cryptocurrency
In just a few hours, more than a trillion dollars have evaporated … No, we are not talking about a “Casa de Papel” -style robbery! On the other hand, it is about the consequent loss that the crypto market has experienced in recent days.
The accident began Friday and is still ongoing as of this writing. Judge for yourself with some examples below:
- Bitcoin: -17%
- Solana: -31%
- Ethereum: -25%
- Cardano: -20%
- Polkadot: -33%
- Shiba Inus: -27%
- Crypto.com coin: -21%
Cryptocurrency: The Causes
Due to their high volatility, cryptocurrencies are extremely sensitive to geopolitical and / or economic news. It seems that the current crash demonstrates this once again.
First of all, despite its decentralization, the dynamics of the crypto market are still correlated with those of the stock markets. However, for several days the major US stock indices have fallen. The “retreat” was a drop from Thursday. Since the beginning of the week, the Dow Jones has thus lost almost 4.8 percent. Same dynamics on the side of the S&P 500 index by -5.2%. In fact, stock markets had their worst week since the pandemic began.
One of the main reasons explaining the price drop from Thursday is to be found on the side of the Fed. Take effect, The Fed released a report on Thursday which studies the pros and cons of creating an electronic currency (CBDC).
These reasons are added to other implicit situations that amplify uncertainties in the crypto marketas :
- Fed policy, which plans to raise interest rates;
- The increasingly tense geopolitical situation at Ukraine’s borders;
- Russia’s announcement of a plan to “ban the use and mining of cryptocurrencies”.
Flop 1: NEAR Protocol (NEAR)
Incredible turnaround for the NEAR protocol … Last week, the NEAR crypto exploded by 49%, achieving the best performance of the top 50. Seven days later, the price of NEAR is at its worst, this time showing the worst top 50 performance. .
NEAR the crypto price has decreased 41% in the last 7 days. The percentages may indicate that the decline is less steep than the increase in the previous week, but this is not the case. In fact, the price dropped from $ 13.3 to $ 19.85 last week. At the time of writing, it is back at $ 11.8. NEAR has therefore well and thoroughly lost all the lead it had received.
This decline obviously has a strong impact on the capitalization and ranking of the crypto NEAR. In 7 days, the NEAR protocol thus went from 16th to 23th place for global cryptos.
The NEAR protocol is not lost. This Ethereum killer is based on a technically sound and environmentally efficient blockchain. In addition, NEAR has the advantage of making it particularly easy to create applications on its blockchain.
Flop 2: Harmony (ONE)
Harmony achieves the second worst performance of the week with one 40% decrease in 7 days. Note, however, that the price of ONE over the past 24 hours has shown an encouraging recovery of almost 10%. The current price hovers around $ 0.21. Its $ 2.48 billion capitalization puts ONE on 47th place for global cryptos.
The Harmony project is designed to facilitate the development ofdecentralized applications. Harmony has built its own blockchain whose performance looks promising. Transactions are much faster there than on the Ethereum blockchain. Harmony also performs better than Ethereum in terms of fees: A transaction on Harmony costs a hundred times less than on Ethereum!
Flop 3: Chainlink (LINK)
The LINK crypto was already in poor condition before the crash in the last few days. In fact, Chainlink was “flop 2” of last week’s rankings with a 4% drop. Over the last 7 days the fall has been much more violent! The price of LINK dropped from $ 25.9 to $ 16.1, one 38% decrease ! The price of the LINK is therefore very far from its ATH of $ 52.88 from May 2021. That being said, it is when the prices are lowest that we make the best deals!
Chainlink’s capitalization today is $ 7.5 billion, which places LINK a few steps away from the top 20 (22th square).
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