Top 5 Cryptocurrencies That Lost the Most Value This Week
Table of Contents
The cryptocurrency market has been on a downward trend in recent weeks, and this week was no exception. Cryptocurrencies are on a bearish trend this week. The top 5 losers of the week were:
- SUI (-14%)
- GMX (-13%)
- ALGORAND (-10%)
- FANTOM (-10%)
- STACKS (-9%)
These losses are a sign of the overall weakness in the cryptocurrency market. However, it is important to remember that the cryptocurrency market is volatile, and prices can fluctuate wildly from week to week.
Also read: Top 5 Crypto Gainers of this week
Let’s Analyze the Trading Graphs of the Top 5 Cryptocurrency Losers of this week.
SUI
Sui is an innovative, decentralized Layer 1 blockchain that redefines asset ownership. Sui Network and Sui Move are designed to provide very high-security guarantees to asset owners.
The price of SUI as of May 20 was $1.1338 with a 24h trading volume of $130. 37M. Then the price slowly started to drop daily. It continued to be in the red zone with a dip in its price. The price dropped tremendously on May 25 with a value of 0.9483.
The current price of SUI at the time of writing is $0.9848 with a trading volume of $133.45M. The market cap of SUI is $520,142,103 with a total supply of 10,000,000,000 SUI.
GMX
GMX is a decentralized exchange (DEX) for trading perpetual cryptocurrency futures with up to 50X leverage on popular cryptocurrencies like BTC, ETH, AVAX, and more with up to 50x leverage. GMX is the utility and governance token currently trading on Arbitrum and Avalanche.
On May 19, the price of GMX was $62.5 with a trading volume of $17.03M. GMX was trading steadily for a few days, however, it lost its momentum and started to fall and moved from green to red within no time. On May 25, the price dipped to 52.85.
The current price of GMX is $54.49 with a 24h trading volume of $13.60M. The market cap of GMX is $475,166,560 with a total supply of 9,216,036.22 GMX.
ALGORAND
Algorand (ALGO) is a decentralized, sustainable blockchain-based network. Algorand is far more energy-efficient than other blockchains and is going further by offsetting its small carbon footprint in partnership with Climate Trade. The recent projects of Algorand include Folks Finance, Algofi, LimeWire, Pera Wallet, and Prismatic.
On May 19, the price of Algorand was 0.1667 with a 24h trading volume of $33.51M. The price slumped and its value kept on dropping since then. The price was flat for a few days, however, it crashed to its lowest point.
The current value of $ALGO was $0.1486 with a 34h trading volume of $45.56M. The market cap of ALGO is $1,076,077,824 with a total supply of 7,629,392,799.46 ALGO.
FANTOM
Fantom (FTM) is a fast, high-throughput open-source smart contract platform for digital assets and dApps. Fantom’s aBFT consensus protocol delivers unparalleled speed, security, and reliability.
On May 19, the price of FTM was $0.3686 with a 24h trading volume of $101.96M. The value of FTM had a few ups and downs, however, it plunged and moved towards downward momentum.
The price reached its low point of 0.3229 on May 25. The current price of FANTOM is $0.3305 with a 24h trading volume of 104.57M. The market cap of FTM is $921,743,550 and the total supply is 3,175,000,000 FTM.
STACKS
Stacks (STX) is a Bitcoin Layer for smart contracts; it enables smart contracts and decentralized applications to use Bitcoin as an asset and performs transactions on the Bitcoin blockchain.
On May 19, the price of STX was $0.6565 with a 24h trading volume of $38.68M. STX was trading in the green zone, however, the price tumbled and started to move towards red. The value kept dipping day by day. As of May 25, the price has tremendously dropped to 0.5806.
The current price at the time of writing was $0.5986 with a 24h trading volume of $35.69M. The market cap of STACKS is $827,125,893 with a total supply of 1,352,464,600 STX.
The cryptocurrency market is a risky investment, and it is important to do your own research before investing. If you are considering investing in cryptocurrencies, it is important to understand the risks involved and to only invest what you can afford to lose.
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