Main navigation

BNB Becomes Only Coin with Positive Performance as Crypto Market Bleeds Ahead of Financial Markets Opening

News
Fri, 01/28/2022 - 13:28
article image
Arman Shirinyan
Majority of crypto market is bleeding as BNB remains the only coin in the "green zone"
BNB Becomes Only Coin with Positive Performance as Crypto Market Bleeds Ahead of Financial Markets Opening
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Binance Smart Chain becomes the only asset remaining in the green zone as all cryptocurrencies with capitalization exceeding $10 billion are bleeding.

According to CoinMarketCap, Bitcoin, Ethereum and other cryptocurrencies have entered the red zone as the market continues to bleed ahead of the U.S. market opening. As metrics on CoinMarketCap reflect, the market has already lost close to $200 billion in capitalization.

Crypto Market Cap
Source: CoinMarketCap

The largest assets on the market, like Bitcoin and Ethereum, are currently losing from 0.6 to 2.8%, which puts them far below anti-leaders of the rally like Terra (LUNA) and Avalanche (AVAX).

Related
Robinhood Cryptocurrency Trading Profits Drop as Platform Avoids Memetoken Listings

Luna has been losing more than 20% of its value in the past 24 hours. While keeping the leading place as the fastest-growing asset amid the recent market correction, it became a victim of increased volatility and reached the price previously observed in November.

Luna also remains the biggest loser in the last seven days, with 34% of its value lost amid a market sell-off. Unfortunately for crypto investors, there are no positions on the market that showed positive market performance this week. The only asset with performance that could be considered neutral is BNB, which has neither lost nor gained any value in the last seven days.

BNB Chart
Source: CoinMarketCap

Among the biggest losers on the market are coins like Solana, Shiba Inu and Polkadot. The "Ethereum killer" has lost 25% of its value, reaching $87 while previously trading close to $200. A rapid drop in price could have been caused by issues with the network and transaction processing that caused developers to roll out the update fixing the issue.

At press time, total cryptocurrency market capitalization is staying at $1.6 trillion, while Bitcoin trades at $36,260.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.