Cryptocurrency News

Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem

The Top 5 cryptos featured in this article today are taking a heavy blow in the ongoing market pandemonium.

Led by Bitcoin and Ethereum – two of the biggest cryptocurrencies in terms of market cap – these five cryptos have been hogging the headlines of late.

Investors now wonder when a recovery will occur, as losses continue to mount, sending jitters across the broader crypto space and dampening investor spirit.

Here’s a quick look at the Top 5 cryptocurrencies and how much they’ve lost so far:

1 – Bitcoin (BTC)

Bitcoin takes the spot of the Top 5 cryptos with the most losses. Bitcoin is the largest and most popular cryptocurrency in the world. In November of last year, BTC surpassed a market capitalization of $1.27 trillion when one unit reached a price of $69,000, an all-time high.

As of this writing, the price of Bitcoin hovers around $20,000. This year, it has lost 57.23 percent of its value. Bitcoin maintained $20,000 for another day on Thursday, despite calls for a 20 percent decline.

Bitcoin has lost 57.23 percent of its value. Image: Coingape.
2 – Ether (ETH)

Ether (ETH) – at No. 2 on this list – dropped below $1,000 for the first time this month after its value soared 386 percent in the previous year, reaching a record high of $4,812 in November 2021.

ETH, the second largest cryptocurrency in the world with a market capitalization of $134 billion, has lost 70 percent of its value since the beginning of the year as of June 23.

This year, Ether has experienced the same fate as Bitcoin and many other cryptocurrencies, bringing its price to its lowest level since January 2021.

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3 – Solana (SOL)

Solana has lost 78 percent of its value this year, trading at $36.28 as of Thursday, a far cry from its November 2021 all-time high of $258. Solana (SOL) is the ninth largest cryptocurrency by market capitalization, at $12.46 billion.

In the past 24 hours, SOL has lost 0.51 percent of its market capitalization. The intraday trading session has witnessed a 9.30 percent decline in trade volume.

Crypto total market cap at $932 billion on the daily chart | Source: TradingView.com
4 – Terra (LUNA)

On April 4, Luna reached an all-time high of $116, with a market capitalization of more than $40 billion. During the period between May 4 and 12, the price of the token plummeted from $86 to $0.0041.

Do Kwon, co-founder of Terraform Labs, told the Wall Street Journal this week that he lost nearly all of his wealth in the market fall. As of Thursday, LUNA is currently valued at $0.00005682 and has been renamed Terra Classic.

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5 – TerraUSD

Last month, TerraUSD slipped below the US dollar, and attempts to return it to its $1 peg failed. It depreciated to $0.69 before entering what is known as a “death spiral” and lost all value. LUNA is now within the five decimal points adjacent to zero.

Bloomberg reported on June 9 that the U.S. Securities and Exchange Commission is examining whether the marketing of TerraUSD prior to its collapse violated federal investor protection requirements.

Featured image from Analytics Insight, chart from TradingView.com

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