The crypto market has been hustling and bustling all over during the past months. Almost every week we are seeing either a crash or another drastic downfall (Luna, Celsius… As they say – who is next?) Today a gainer, a loser tomorrow – some coins are nearly surviving at the lowest while others capture the hit moments. Well well, we always knew that crypto is even more unpredictable than the weather forecast, and no wonder it is hard to keep track of everything happening. So let us resume some notable crypto events of the week and recap the coins that have made significant market shifts.
Table of contents
Bitcoin (BTC) And Ethereum (ETH) Falling Into The Abyss
Two of the major cryptocurrencies are definitely the trendsetters of this market crash – BTC plunged to around $21000 at the time of writing, “re-entering” 2020, and ETH slumped by 38 percent. Crypto field looks flustered – the number of unprofitable ETH addresses reached an absolute historical maximum of 40 million, and the cumulative net realized loss of crypto investors during the current Bitcoin correction hit an all-time high of $4.2 billion. But drawing on the events of 2018 and followed by the rise of 2021, let us avoid falling into the pessimistic mood completely. Â
Celsius (CEL) – One More Loss In The Crypto Space?
We have no doubt that you’ve already heard of the Celsius Network major “extreme market conditions” situation. Pledging up to 18.6 percent payments and thus being a major crypto lender, this week Celsius yet announced the pause of “all withdrawals, swaps, and transfers between accounts” holding back $12 billion deposits. Another Ponzi scheme or just a temporary setback? The conclusion is up to you. As for the native CEL token, it almost recovered from the 50% fall trading for $0.6373 at the time of writing.
Tron (TRX) Freefalled, USDD De-Peged and Tether (USDT) Followed
Following the Luna crush, Tron DAO has lost the peg of the network’s stablecoin USDD, while TRX (an asset backing the USDD crypto) dropped around 40% down in the first two days of the week. In an effort to make a recovery the foundation transferred summarily $220 million USDC to Binance purchasing TRX. Unfortunately the attempt still was not enough – at the time of writing the TRX token is trading 30% below its monthly high – $0.06, and USDD is still trading at a 3% discount – $0.9769, according to CoinMarketCap.
Likewise another large-scale stablecoin of Tether (USDT) lost its parity with the USD and trades for $0.9989 at the time of writing. A little extreme for the crypto stability – this year, as wild volatility has gotten even there, claims to become the most turbulent and disturbing year for the crypto traders.
Solana (SOL) And Dogecoin (DOGE) – Lead Gainers
Though the market is still bearish tokens of Dogecoin (DOGE) and Solana (SOL) rose 16% on Jun 16, 2022 helping the market to rebound – Crypto market capitalization showed an increase of 4.5% –Â making $DOGE and $SOL the lead gainers of the week among major altcoins.Â
But we’re not out of the woods yet – the market is still shaking, dropping the tokens back. At the time of writing DOGE is trading at $0.05771 and SOL – at $31,95 losing 10% in 24h.
Closing Thoughts
The excitement evaporates and the uncertainty skyrockets – that’s how this spring ends and the crypto winter begins. Probably the strongest downturn for the last few years makes crypto enthusiasts fear and take hasty decisions. However, and this cannot be said often enough, as the market collapses it becomes even more important to think straight and DYOR – no matter what you decide: to hodl, or to reorganize your portfolio.
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