Bitcoin (BTC) is falling even deeper and most altcoins are also taking heavy blows again. The massacre is causing huge losses today and this week. The total market cap of all cryptocurrencies stands at $1.67 trillion this morning, the lowest since late January and down 4.1% today and as much as 8% this week.
Daily Market overview.
Market cap: $1.68T -3.04%⬇️
SPOT Volume 24h: $45.18B +26.2%⬆️💡$BTC dominance: 39.25% -0.27%⬇️
Fear & Greed Index: 18⬇️😱extreme fear sentiment on the Market. Most projects in loss.🔴#Bitcoin $BTC $ETH #EthereumMy socials🌐👉https://t.co/h7kQrKQGFo pic.twitter.com/jPlwurmXu8
— IT Tech (@IT_Tech_PL) May 8, 2022
Ethereum fell 6.5% this week
Ethereum (ETH) appeared to be recovering back towards USD 3,000 shortly after the Federal Open Market Committee (FOMC) meeting, but the price did not go beyond USD 2,955. On Thursday, ether plummeted all the way to $2,750 and Friday night, the price fell below $2,700. On Saturday, ETH continued to push toward USD 2,700, but failed to break through, and by midnight, the price started falling again. ETH hit as low as $2,530 this morning, its lowest since mid-March. This morning, ETH is romping at $2,560 with the price down 4.8% today and 6.4% this week.
🤯 On the #Ethereum network, there were about 3.4 times as many transactions taken while coins were at a loss compared to in profit, on Friday. This was the highest day, in terms of $ETH‘s capitulation trading ratio since Nov 18, 2018, or 3.5 years ago. https://t.co/Y7YKjknv7L pic.twitter.com/hXLkHsgFB2
— Santiment (@santimentfeed) May 7, 2022
DOGE, SOL, XRP, ADA significantly down
Dogecoin (DOGE) held up the strongest today and this week. However, DOGE is currently falling below $0.1255 with the price down 1.9% today and this week. Solana (SOL) holds up best after that today. Despite this, SOL is down 3.8% to $78 and the price is even in the min. 8.3% this week. Ripple (XRP) is today down 4.5% to $0.57, but held with a decline of 2.5 % relatively strong position this week. Cardano (ADA) is down 4.7% towards USD 0.74 today. Yet that is only a decrease of 1.8% this week.
BNB, AVAX, SHIB, DOT bags hard
However, Binance coin (BNB) is already losing 5.4% today and 5.4% this week. BNB now comes in at $358. Avalanche (AVAX) is down 5.3% today and 6.4% down this week. AVAX tries to recapture $54. Shiba inu (SHIB) is down to $0.0000188, down 5.6% today and 6.7% this week. Polkadot (DOT) is 5.6% in the red and even 7.8% this week. DOT drops to $13.4.
LUNA drops as much as 20%
Terra (LUNA) is the big loser today and may even pull the rest of the market along. LUNA fell all the way to $63 this morning, bringing the price down 14% today and even 20% this week. Biggest loser top 100 today. This may be because the terrausd (UST) stablecoin is currently unable to hold at $1, possibly due to an “attack” where a large amount of UST was dumped at once.
today’s attack on Terra-Luna-UST was deliberate and coordinated. Massive 285m UST dump on Curve and Binance by a single player followed by massive shorts on Luna and hundreds of twitter posts. Pure staging. The project is bothering someone. 🌝 on the right path!
— Caetano Manfrini 🔺🌖 (@CaetanoManfrini) May 8, 2022
However, not everyone seems to agree with this, it is difficult to determine who is telling the truth here and who fear, uncertainty & doubt (FUD) spreads:
Do blame the $UST depeg on “Coordinated attack with onchain sells + twitter fud” before quickly deleting. Also notes that 1 wallet is responsible for 62% of the $2.3B withdrawn so far. pic.twitter.com/hik8DQLTOb
— FreddieRaynolds (@FreddieRaynolds) May 8, 2022
Crypto top 100 hardest fallers this week
Elrond (EGLD), ftx token (FTT), hedera (HBAR) lost 10% of their value this week. Cosmos (ATOM), and iota (MIOTA) decreased by 11% and osmosis (OSMO) by 12%. Theta fuel (TFUEL) and kusma (KSM) are almost 13% in the min. Maker (MKR) and arweave (AR) are in the min 14% this week, bitdao (BIT) 15% and klaytn (KLAY) 16%.
Nexo (NEXO) is already 22% in the min and cronos (CRO) and stepn (GMT) no less than 25%. Apecoin (APE) was the biggest loser out of the top 100 crypto this week, falling 41%.
Crypto top 100 hardest risers this week
However, not everything turns red this week. Axie infinity (AXS) is currently rising hard and is up 11% today. This means that the share price is already 8% in the plus this week. Helium (HNT) is 13% in the plus this week and curve (CRV) even 17%. Then we have algorand (ALGO) which is up 4.3% today and no less than 29% this week. Although tron (TRX) is down 3% today, the price is still 31% in the plus this week.
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Top 10 Coins Mentioned on Twitter this Week 📣$BTC 2,881,749$ETH 2,313,568$DOGE 472.056$XTZ 398.964$CAKE 334,641$SHIB 294.252$RBXS 257,423$GMT 253.629$APE 246,713$ADA 232.114
https://t.co/AgXao7PE69 pic.twitter.com/ngCvmx859Z
— CryptoRank Platform (@CryptoRank_io) May 7, 2022