Crypto Analytics

Every Top Cryptocurrency Is Down – Except Justin Sun’s TRON

  • Bitcoin is down 4.6% over the past week from around $30,300 to $28,900
  • Stablecoin dominance has increased as crypto traders seek protection from volatility

Cryptocurrency markets have lost 7% of their collective market cap over the past week as stocks stage a recovery rally.

Out of the top 10 cryptocurrencies by market cap (excluding stablecoins and wrapped Bitcoin), Ethereum rival Avalanche has been hit the hardest. Avalanche’s native token, AVAX, is down 22% since last Friday – falling from $29.55 to $23.01 at press time.

XRP lost 7%; Polkadot is down 3.3%; and Binance Coin fell 2.5% according to TradingView data compiled by Blockworks. Dogecoin is even trading now thanks to a 7% surge on Friday.

Market leader Bitcoin is down 4.6% over the past seven days, from around $30,300 to $28,900 as of 11:50 a.m. ET.

Cardano (ADA), Solana (SOL) and Ether (ETH) are all down more than 12% – the latter weighing heavily through a seven block.”reorganization‘ of his experimental Beacon chain earlier this week.

Ethereum’s beacon chain is designed to facilitate the network’s move to a proof-of-stake protocol called “The Merge.” Some industry insiders are now concerned that more work needs to be done to ensure the new network is secure when The Merge arrives, which is expected to take place sometime in August.

While crypto has suffered big losses, benchmark stock indexes like the NASDAQ 100 and S&P 500 are rising after seven straight weeks of red. The tech-heavy NASDAQ is up 6% this week, while the S&P has rallied 5.5%.

TRON Bucks tend to become the only top cryptocurrency in the green

As it turns out, TRON is the only top 10 crypto project to post profits over the past week. The blockchain’s native token TRX is up 11%, jumping from $0.073 to $0.081.

TRON founder Justin Sun is soon to launch a Terra-style algorithmic stablecoin, while stablecoin giant Tether has just deployed a token pegged to the Mexican peso, both of which will leverage the long-running blockchain.

In fact, TRX is by far the best-performing top project in May. Every cryptocurrency in the top 10 by market cap (again excluding stablecoins or wrapped Bitcoin) is down more than 19% month to date – TRX is up 30%.

The same applies to TRX in the current year. BTC is down nearly 38% in 2022; ETH is down 52%; but TRX is up 7.5%. The entire crypto market is down 46% in that time, a loss of $1 trillion from its collective capitalization. Crypto is now worth about $1.18 trillion in total.

But while TRX is an outlier, altcoins across the board are still rapidly deflating. This has caused BTC dominance (which measures how much bitcoin accounts for in the crypto market) to hit nearly 46.5% as of 11:50 a.m. ET — its highest level since October 2021, according to TradingView CryptoCap Dominance Index.

Bitcoin dominance is up 16% year-to-date, while ether dominance is down nearly 10% and is now at 18%.

But those moves pale in comparison to stablecoins Tether (USDT) and Circles USD Coin (USDC). USDT’s dominance is up 78% this year, while USDC’s has skyrocketed 128% as traders seek protection from more volatile cryptocurrencies.

Together, these two dollar-pegged tokens now account for about 11% of the total crypto market, up from 5.5% at the start of the year.

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The post Every top cryptocurrency is down except for Justin Sun’s TRON is not financial advice.

Source: Crypto News Austria

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