- Bitcoin and Ethereum are making headlines, but there are over 19,000 crypto coins.
- Due to their low liquidity and high volatility, these alternative cryptocurrencies can provide investors with huge losses or gains in a short period of time.
- These were the 5 worst cryptocurrencies last week, according to data from CoinMarketCap.
Bitcoin’s bear market has sucked up the lives of many popular cryptocurrencies. The overall crypto market cap has fallen from $3 trillion today to $1.2 trillion.
There are over 19,000 cryptocurrencies in existence and counting, with more than 3x more cryptocurrencies than stocks listed on US exchanges. Due to the massive supply, it is almost impossible to track all major movements in the crypto sector other than the well-known coins such as Bitcoin, Ether and Dogecoin.
The surge in new cryptocurrencies is a massive
For this sector in 2021, space is struggling, especially for smaller coins such as solana, cardano and polkadot, which have seen remarkable gains over the past year, with Bitcoin dropping more than 50% from its November highs.
The collapse of Luna and its associated stablecoin, Terra, weakened confidence in the crypto space, with Tether’s stablecoin briefly depegged at $1.
, these alternative cryptocurrencies can provide investors with huge losses or gains in the short term. Squid Games tokens, for example, fell 99% in just one day after seeing a rapid rise of 75,000% last year.
Keeping an eye on the weekly winners and losers can help investors identify which coins are starting to gain traction in the crypto community and which are losing traction.
These were the 5 worst cryptocurrencies with a market cap of over $1 billion last week. Data from CoinMarketCap.
Market Value: $2.1 billion
7-day performance: -50.9%
Market Value: $2.6 billion
7-day performance: -51.6%
Market Value: $1.3 billion
7-day performance: -53.1%
Market Value: $5.1 billion
7-day performance: -57.4%
Market Value: $53.2 million (approximately $30 billion lost)
7-day performance: -99.7%