Digital tokens across the crypto marketplace have attempted to recover within the past few days, following a massive slump. However, most assets extend the downbeat, failing to rally upside. Such developments had the market capitalization of all assets plunging toward $1.73 trillion at this publication. Though some assets saw single-digit increases, the likes of Bitcoin suffered massive cuts. This article evaluates the top worst performing cryptocurrencies for the week.
The entire crypto market endures a downturn at this publication. Nevertheless, let us check crypto assets that suffered heavily within the previous seven days.
Fantom (-39.36%)
Fantom tops the list of the worst performers within the previous week as FTM declined by 39.36%. Fantom utilizes its unique consensus to offer decentralized finance (DeFi) services. The DAG-powered blockchain aims to solve challenges associated with smart contracts within the crypto market. For instance, it targets speed issues, promising top-notch finalizing time.
FTM developers designed a platform that competes with Ethereum as they aim to eliminate the hurdles plaguing the ETH blockchain. Fantom concentrates on three vital subjects: decentralization. Security and scalability. FTM, its native token, traded near $0.7404 at this publication, staying 30% down within the previous seven days. Also, the alt retains a bearish outlook as it dropped 1.43% over the past day. Fantom’s trading volume stood at $675,352,520, whereas its market cap hovers at $1.703,671,540.
Axie Infinity (-38.45%)
Axie Infinity takes the second spot as AXS surrendered 38.45% over the past week. The blockchain offers users a gaming network where they may battle and trade to earn points. Gamers can gather, trade, and breed digital pets (axies) and shape them for fights. Remember, axis differ in various ways, some unique, making them expensive and rare.
Gamers that win the battles receive Sooth Love Potion, an in-game coin, as a reward. While publishing this content, the platform’s native token, AXS, traded near $31.96, losing 2.22% within the past da. AXS has its market capitalization standing at $1,725,542,630, while the 24hr trading volume hovered around $319,592,044.
Harmony (-37.88%)
Harmony ranks third after dropping approximately 37.88% within the previous seven days. The Harmony blockchain allows developers to build and use decentralized applications (Dapps). Moreover, it uses random state sharding to increase transaction speed. That means the network can complete blocks of transfers within seconds. Moreover, that reduces the duration the mode takes to validate transactions.
Harmony network uses ONE as its native crypto. The altcoin traded near $0.0743 at this publication, losing more than 30% over the previous seven days. ONE market cap stands at $898,009,267, whereas the trading volume stood around the $91,897,945 mark.
Zilliqa (-35.70%)
Zilliqa saw its price dropping by 35.70% within the previous week. It is a public blockchain that promises high throughput. Furthermore, Zilliqa seeks to resolve transaction speed challenges. It uses sharding to tackle the problems. Moreover, crypto enthusiasts can leverage the blockchain to complete yield and staking services. While printing these updates, ZIL traded at $0.071, sustaining declines within the previous day. The token dropped 35.7% within the last seven days.
Gala (-34.06%)
Gala closes our list within its 34.06% drop since last week. The Gala gaming network plans to transform the cryptocurrency market. It aims that by allowing players to control the games. The company’s motto suggests that individuals can play blockchain games of their choice. Moreover, gamers with NFTs could use them to impact results. GALA token trades around the $0.1319 at this publication. The alt succumbed to broad market bearishness, shading more than 34% within the previous 24 hours.
Also, Bitcoin struggles with bearish price actions as it failed to overcome the $40,000 mark. While publishing this content, BTC traded at $38,526.71, following a slight 0.49% 24-hour increase.
Final Thought
The crypto market suffered last week as assets recorded massive price fluctuations. Market participants should act with care whenever interacting with the crypto space. Nevertheless, expert investors advise about portfolio diversification. Detailed research before investing is essential for profitable undertakings.
