Owotunse Adebayo
Over the last few days, the crypto market has continued to post bouts of declining performances across different tokens. Although the market has been attempting a comeback, the tokens show slight signs of a bullish move. About eight of the top ten tokens are seeing a declining run in the last few days. A typical example is Bitcoin which has been in the bearish zone for a while but is gradually making headway toward the top. However, other tokens are seeing worse performances to round up the last week. This article will look into the top 5 worst performing tokens in the crypto market in the last seven days.
Top 5 Worst Performing Cryptos For The Week
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Most tokens in the crypto market have been trying to leave the bearish zone for a while now. However, several factors, including market response, have not helped them achieve that aim. Although analysts have tipped the tokens to post a better performance in the coming weeks, it remains to be seen the kind of performance the tokens will see. In that regard, below are the top 5 tokens that have posted the worst performances over the last seven days;
#1 ApeCoin (APE; -45.15%)
The ApeCoin token tops the list of the worst performing cryptos for this week, posting a decline performance of 45.15% in the last seven days. ApeCoin is a decentralized project launched by Yuga Labs. The ApeCoin token acts as the native token of the APE Ecosystem. The token has so many uses across the ecosystem, designed by the foundation overseeing its activities. Holders of the token can collaborate through the system provided by the foundation to make it permissionless. It also allows holders to be involved in the DAO on the ecosystem. Holders are also open to other parts that are not permitted to outsiders. These aspects include games, services, and other projects on the platform. The token is available on Ethereum and uses the proof of work mechanism employed by the blockchain. ApeCoin is presently trading at $12.85, posting a decline of 3.52% in the last 24 hours. The token has a market cap of $3,660,648,254 and a trading volume of $975,141,792 in the last 24 hours.
#2 Nexo (NEXO; -29.85%)
Coming in the second spot in the worst performing cryptos for this week, we have Nexo, with a decline of 29.85% in the last seven days. Nexo is a blockchain platform that offers traders loans backed by diverse digital assets across the market. Traders interested in taking loans on the platform would need to deposit a supported asset to take the loan. The platform provides loans in stablecoins and supports collateral in BTC, LTC, and other tokens. Using the Nexo token, users can earn rewards by locking it on the platform. To achieve the benefits, the platform provides discounts on loans. NEXO, the native token of the platform, is presently trading at $1.97, seeing a decline of 0.37% in the last 24 hours. The market cap and trading volume of the token is $1,102,883,477 and $26,772,560 respectively.
#3 Stepn (GMT; -28.72%)
In third place for the worst performing crypto for this week, we have the STEPN project with a bearish performance of 28.72%. The Stepn project is a web3 app built on the Solana blockchain. The platform combines the usual play-to-earn technology with a new fitness plan. This new concept is known as move to earn, which is very different from the usual P2E system. To play the game, users will purchase NFTs in the form of sneakers which earn them money while they perform physical health activities like jogging and running. The project wants users to increase their healthy lifestyles while earning digital assets. The app uses a concept called proof of movement by mandating users to attach their GPS to the application to show they are doing the movements. The native token of the platform, GMT, is presently trading at $2.68, with a gain of 10.72% in the last 24 hours. Its trading volume is around $1,766,428 while its market cap is around $1,596,842,324 in the last 24 hours.
#4 Cronos (CRO; -24.41%)
Cronos comes in fourth place this week, posting a performance of -24.41% in the last seven days. CRO is the native digital asset that was developed on the Cronos chain. The famous crypto exchange, Crypto.com, designed the blockchain. The project intends to enable people to adopt more digital assets while reducing reliance on cash. It also wants to increase the protection of user identities and data. The blockchain also acts as the underlying technology behind the mobile app users use to make transactions. The native token, CRO, is presently trading at $0.278, seeing a surge of 1.27% in the last 24 hours. The token’s trading volume is $37,769,170, while its market cap is around $7,030,865,744.
#5 Filecoin (FIL; -22.87%)
Filecoin finalized the list for this week with a decline performance of -22.87% in the last seven days. The Filecoin project acts as a decentralized storage medium in the market. It aims to be able to store all the most important information on the chain. The project wants to break the chain of most centralized storage and help people store information without asking for user information. Information stored on the decentralized platform can also be recovered anywhere. The native token of the blockchain, FIL, is presently trading at $13.74, seeing a gain of 1.35% in the last 24 hours. It has a trading volume of $450,383,559 and a market cap of $2,747,447,004.
What You Should Do During A Market Decline
The crypto market has been known to be very volatile as prices of tokens tend to increase and decrease depending on some factors. However, some traders have been able to make money despite declines posted by tokens. It is always advisable that traders purchase tokens when the prices are low. This is because traders can sell the assets and make massive profits when the cost of the tokens eventually makes a surge. However, other traders depend on their strategies to make profits in the market. It is also advisable to carry out research as some tokens might never post a big surge due to other factors.
Conclusion
The crypto market continues to try to come back from a massive decline. Although it has done a good job compared to the past week, the market is still short by about 0.6%. However, there are signs that things could change in the days to come going by the influx of traders into the sector. Although most of these new traders are coming into the DeFi sector, it could do well to boost the morale of the entire market. Traders should not forget to diversify during this period of market decline as it would save their investments.
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