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Solana, Avalanche and ApeCoin Record Losses Amid Fresh Market Declines

Thu, 05/26/2022 - 14:21
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Tomiwabold Olajide
Solana and Avalanche, dubbed "Ethereum killers" by some, have experienced enormous losses
Solana, Avalanche and ApeCoin Record Losses Amid Fresh Market Declines
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According to data from CoinMarketCap, the cryptomarket sell-off accelerated early Thursday, with Ethereum (ETH) and other alternative cryptocurrencies (altcoins) suffering more losses than Bitcoin (BTC). As various assets continued to fall in value, the majority of altcoins saw losses ranging from 3% to 15%. The top DeFi, privacy, and Web3 coins have also suffered significant losses, with Apecoin (APE) down over 10% in the previous 24 hours.

Amid the selling pressure, Bitcoin remained above the important support level of $28,000 while suffering a less severe decline than altcoins. At a current price of $28,200, the lead cryptocurrency was down 4.13%. Several dollar-pegged stablecoins, including Tether (USDT), traded at a tiny discount at $0.99.

The top Layer 1 project, Solana, and Avalanche—dubbed "Ethereum killers" by some—have experienced enormous losses as a result of the downturn.

Solana, probably Ethereum's biggest competitor due to its fast-speed, low-cost transactions, has had its SOL token drop to $43.10 in today's sell-off, putting it 83.23% below its November 6, 2021, high of $260.

In late 2021, Solana and other comparable Layer 1 networks gained traction as the Ethereum killer narrative grew, alongside rising concepts like the Metaverse. Solana was trading at $43.61 at the time of publication, down 9.83% in the last 24 hours and 14.57% in the last week.

Avalanche, the 15th biggest cryptocurrency by market capitalization and the fourth largest network by total value locked (TVL) in its DeFi, has lost 14.50% in the last 24 hours. AVAX is presently trading at $23.98, down 17.87% from last week's high and 83.45% from its all-time high of $146, set in November of 2021.

The token created for the developing Bored Ape Yacht Club ecosystem, ApeCoin (APE), was losing value, down 10.36% in the last 24 hours to a current price of roughly $6.52. It is down 14.265% in the last week and 85% since its March inception, when it peaked at nearly $40.

Overall, the crypto market is down 3.75% to $1.21 trillion in the last 24 hours, with Ethereum, the dominant platform for NFTs and decentralized apps (dApps), down approximately 7.35% to $1,769.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.