Market Watch: The Altcoins That Suffered Hardest Despite Bitcoin’s Latest Rally
The cryptocurrency community is buzzing with reports and tweets about the prices. Bitcoin is frequently marking fresh yearly highs. Even the 2019 record of nearly $14,000 was taken down and seems far behind.
Just yesterday, the primary cryptocurrency gained about $1,500 of value in 24 hours. As something similar occurred precisely three years ago, before the all-time high of $20,000, it got the community speculating and anticipating a new record.
Although most alternative coins were late to the party, it seems that they have finally joined as well. Ethereum has surged to above $430, Ripple trades over $0.25, while coins such as Chainlink and Litecoin have marked double-digit price increases in the past 24 hours alone.
Ultimately, the total market capitalization has added over $60 billion in less than a week. The cumulative market cap of all cryptocurrency assets displayed $386 billion on November 3rd. As of writing these lines, it has neared $450 billion – the highest level since May 2018.
But, It’s Not All Roses
Despite the aforementioned impressive price performances, not all coins are equal. In fact, there’re several well-known names within the community that haven’t gained as much, and some are even deep in red.
CoinGecko data reveals that Arweave leads this negative trend from the top 100 coins. Actually, its 17.5% decline in the past week has threatened AR’s position in the top 100.
Huobi Token is next with a 14% decrease. The native cryptocurrency of the popular exchange has suffered lately, primarily due to controversy related to Huobi.
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Reports recently emerged that the company’s COO was under investigation. Although Huobi denied the accusations immediately, it seems that the token’s price has felt the consequences.
Other notable losers from the past week include Crypto.com Coin (-12.7%), Yearn.Finance (-11.2%), and Nexus Mutual (-10%).
Even coins from the top 10 have lost some traction in the past week. Bitcoin Cash, which could undergo a hard fork later this month, has lost 4.7%. Binance Coin has also declined a bit by 3.4%, and it trades below $30.
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