$400 Billion Wiped from Crypto Market Cap in Past Week
In the past week, the cryptocurrency market has seen a significant decline, with approximately $400 billion removed from its total market cap, dropping it to $2.9 trillion, below the November 2021 peak.
Key points include:
- 77 out of the top 100 cryptocurrencies, excluding stablecoins and wrapped assets, lost value after the Bitget hack.
- Losses ranged from nearly 20% for tokens like TKX, TRUMP, and BGB, while OP and APT saw minimal declines.
- High-activity protocols including AAVE, LDO, SOL, and ETH were among the hardest hit.
- Notable gainers included BERA and SKY, up 10% and 9.5%, respectively, possibly indicating interest in new ecosystem narratives.
- IP, linked to the PIP Labs' Story Protocol, surged 40% following its mainnet launch, making it the strongest performer in the top 100.
The current sentiment suggests a focus on fundamentals and effective market makers as potential drivers for future growth in the crypto market.