The month of March begins in a catastrophic way for Bitcoin (BTC) and the addition is as often saltier for certain altcoins. Let’s take a look at the 5 cryptocurrencies that performed the worst this week.
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The 5 worst performances of the week
This is no longer news, we have mentioned it many times in our columns, the cryptocurrency market has recently gone off the rails. After yet another failure at the $25,200 mark, Bitcoin (BTC) fell more than 20% and dropped the $20,000 support.
As with every corrective move, some altcoins tumbled harder than BTC. Let’s see together the 5 cryptocurrencies that have fallen the most over the last week. Here is the list:
The TOP 5 biggest losses in cryptocurrencies over the week
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5 – SingularityNET (AGIX)
With a performance of -40.9% in 7 days, the fifth position in our ranking is occupied by SingularityNET and its token AGIX.
We had already mentioned it in the top 5 best performing Artificial Intelligence (AI) cryptos in early February. From, SingularityNET’s AGIX printed 204% benefiting from the enthusiasm surrounding this innovative field.
Following such a vertical bullish movement, it is therefore relatively logical to observe a significant correction.
4 – Stacks (STX)
In fourth place, it is the STX of Stacks which prints -41% over the same period. Also present in our top 5 best performing cryptocurrencies in February 2023, enjoying a 243% increase in 30 days, the position of STX in this ranking is not illogical.
As a reminder, Stacks makes it possible to create smart contracts and develop decentralized applications on Bitcoin, while taking advantage of the security provided by the network. It’s kind of a second layer solution.
3 – Blur (BLUR)
On the third step of the podium, we find the BLUR of the eponymous non-fungible token (NFT) marketplace. Following several substantial airdrops of tokens, Blur has been exceptionally popular with NFT enthusiasts.
Nevertheless, BLUR printed a 41.1% drop in 7 dayslosing nearly $150 million in capitalization.
2 – RSK Infrastructure Framework (RIF)
As you will have noticed if you looked at the top 5 best performing cryptocurrencies in February, the RIF of RSK Infrastructure Framework was also present. After a performance of 200.5% in the space of 30 days, the RIF corrected by 46.3% over the past week.
In the same way as Stacks, this project has benefited in particular from the recent craze surrounding the arrival of NFTs on Bitcoin. Indeed, RIF develops in particular a bridge allowing users to interact with a platform of smart contracts on Bitcoin.
1 – Huobi BTC (HBTC)
At the top of this ranking, we find the Huobi BTC (HBTC), down a spectacular 52.9% over the last 7 days. This token is a replica of BTC within the ecosystem of the Chinese exchange Huobi.
The fall in the price of HBTC mainly took place last night. Indeed, after a rather unexplained rise towards 25,000 dollars, the asset suddenly lost more than 60% of its value to reach $10,000. In a more global context, the token of the Huobi platform has also unscrewed:
🔴 #Huobi exchange $HT token plummeted 73% in minutes.
It then rebounded 195% in stride 📉📈
The reasons are still unknown at this time. pic.twitter.com/DHrxk37vd8
— Cryptoast (@CryptoastMedia) March 9, 2023
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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