Owotunse Adebayo
In the last few crypto market days, digital assets across the market have been trying to rally back to trade positively. However, most of them have not been able to achieve this goal. Instead, most of them are seeing a downturn for the worse. As a result, the entire market has suffered a deep cut to see its market cap reduced by 2%. Although very few digital assets witnessed single-digit gains in this period, popular assets like Bitcoin have suffered deep cuts. In this article, we will be looking at the top 5 worst performing digital assets for the week.
Top 5 Worst Performing Crypto For The Week
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With the crypto market awash with so many tokens currently enduring a downturn, it is easy to spot any token. However, we will focus our attention on the top 5 that have performed woefully across the last seven days. Below is a comprehensive list of the assets in the category;
#1 Fantom (FTM: 39.36%)
The Fantom token takes up the first spot in this weeks top 5 posting a decline of 39.36%. Fantom provides users with decentralized finance services using its unique consensus. The DAG-powered platform plans to solve issues related to smart contracts in the crypto sector. One of the issues it plans to address is the speed which has been increased. The platform was created as a close substitute for Ethereum and aimed to eliminate all the major obstacles plaguing the blockchain. Fantom wants to address three core subjects: scalability, decentralization, and security. Its native token, FTM, is trading at $0.67 with a loss of 20.05% in the last 24 hours. Its trading volume is at $675,352,521 while its market cap is around $1,703,671,522.
#2 Axis Infinity (AXS; 38.45%)
Axie Infinity is in second place on our list of the worst-performing crypto, with a loss of 38.45% of its value across the week. The Axie Infinity project provides traders with a gaming platform where they can carry out trade and battle to earn points. Users can collect, trade, and breed Axies to get them in shape for battle. Axies come in numerous forms, with some unique than others, making them rare and expensive. Users who win in-game battles will be rewarded with Smooth Love Potion, an in-game token. The native token of the platform, AXS, is presently trading at $28.63, seeing a decline of 16.31% in the last 24 hours. The token’s market cap currently is around $1,725,542,629, while its trading volume in the last 24 hours is about $319,592,043.
#3 Harmony (ONE; 37.88%)
Harmony is third on this list after posting a loss of 37.88% in the last seven days. The Harmony blockchain was created to help developers create and use dApps. The network helps to increase transaction speed through its random state sharding. With this, new blocks of transactions are completed in seconds. This has also helped reduce the time that the node will take to validate transactions. ONE, the native token of Harmony, is presently trading at $0.0743, seeing a decline of 17.54% in the last 23 hours. Over the previous 24 hours, the digital asset posted a market cap of $898,009,267 and a trading volume of $91,897,943.
#4 Ziliqa (ZIL; 35.70%)
Ziliqa comes in at a close fourth, with the digital asset posting a loss of 35.70% in the past week. The blockchain prides itself as a public blockchain with the facilities to offer high throughput. It also seeks to solve issues related to transaction speed. The network employs sharding as a layer 2 solution to help solve the problems. The platform has opened its doors to users since 2020. Traders can also leverage the platform to carry staking and yield services. ZIL is presently trading at $0.071, with a decline of 13.97% in the last 24 hours. The token has a trading volume and market cap of $508,446,155 and $911,084,675.
#5 Gala (GALA; 34.06%)
Coming in at the last position is Gala, with a decline performance of 34.06% in the previous week. The Gala games platform plans to revolutionize the crypto market. One of the ways it aims to do this is to return control over games to the players. The company has a motto stating that users can play any blockchain game as they wish. It also wants to eliminate the eventual loss of gaming control after users spend tokens inside the game. Players who hold NFTs can use them to influence the result hm. GALA is presently trading at $0.1319, with a decline of 14.99% in the last 24 hours. The tokens’ trading volume is around $312,475,211 and a market cap of $919,029,657.
Conclusion
Trading is not for the week as digital assets tend to make very drastic changes in price. However, it is up to the investor how they want to carry out these activities. Traders should consider it advisable to diversify one’s assets across their wallets. Carrying out in-depth research is also crucial to help you determine which crypto they need to invest in.
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