If you want to get something good out of the current figures on the crypto market, then you can at least notice that the sideways trend is finally over. But it is not the bulls who have made the race, but at the moment it is the bears who have the upper hand. The total market capitalization has fallen below the psychologically important mark of one trillion US dollars for the first time since January 2021, Bitcoin has not only not fought back the 30,000 US dollars, but has to prepare not to fall below the 20,000 dollar mark and Ethereum is also recording heavy losses.
At the same time, lending protocols such as Celsius are struggling to survive, Ethereum may have to postpone its consensus conversion, and the TRON stablecoin USDD is threatening to decouple from the US dollar.
A look at the top and flops of the largest 50 cryptocurrencies reveals: not a single (alt) coin reaches green numbers. The ”winners” of the day are those cryptocurrencies with the least losses – or stablecoins.
The losers of the day, on the contrary, have it in themselves. The following is an overview of the largest of them.
KuCoin (KCS) price: Almost a quarter of the value lost
KuCoin Token (KCS) price in a 24-hour comparison. Source: Coinmarketcap
The native token of the crypto exchange of the same name enables discounted conditions and special rewards in the KuCoin (KCS) ecosystem. In a 24-hour comparison, the price of the altcoin had to give up 23.21 percent at the time of writing.
KuCoin (KCS) is currently trading at a price of $11.15. The altcoin set its all-time high on December 1 last year at 28.83 US dollars – by then it is still over 60 percent.
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Polygon (MATIC) Course: Layer 2 solution with severe losses
Polygon (MATIC) course in a 24-hour comparison. Source: Coinmarketcap
Polygon is a layer 2 solution for Ethereum. The project helps to make applications and dApps on the blockchain faster and more cost-effective. Ethereum is currently only able to perform 30 transactions per second, often at high fees. Polygon increases the speed to 65,000 transactions per second. Just recently, BTC-ECHO reported that the DApp landscape on Polygon was able to increase sixfold within half a year.
In the current bear market, however, this does very little to help the course of the crypto project. With a loss of 19.7 percent within the last 24 hours, the Polygon (MATIC) price has to give up about a fifth of its value.
A MATIC token is currently trading at a price of $0.415. The altcoin reached its all–time high on December 27, 2021 – at 2.92 US dollars.
ApeCoin (APE) course: The decline continues
The third biggest loser in the Altcoin top 50 is called ApeCoin (APE) and is traded at a price of $ 3.46 at the time of writing. As a result, it has lost 19.6 percent in the 24-hour comparison. In a week-on-week comparison, it looks much gloomier: a 43.4 percent loss. On a monthly basis, things are not getting any better either: minus 59.67 percent. Instead of correction, one can already speak of a crash. In any case, it is still a (very) long way to reach its all-time high of 26.7 US dollars.