- Five of the 10 best underperformative workers today were same, including Pengu, Fartcoin and Brett.
- The Memecoin sector fell 2.3% in 24 hours, going from one most efficient category to one of the lowest.
In the past 24 hours, the global cryptography market has slipped further into the red territory, losing 1.14%. The main categories of tokens recorded a loss of 6.10% during this period, bringing total market capitalization to $ 66.10 billion.
The negotiation volume of this category also fell regularly, lowering from 27.23% to 8.43 billion dollars. There is more – Ambrcrypto’s analysis covers this in detail.
Top 10 losers dominated by the same
Naturally, in periods of generalized market stress, the risky assets are the hardest affected – and this time, the same bear the brunt.
According to the list of the best winners and losers in CoinmarketCap, the majority of the largest losers on the market in the last 24 hours are even.
Five of the ten upper sub-performants are even: Bonk (Bonk), Floki (Floki), Pudgy Penguins (PEGGE), Fartcoin (Fartcoin) and Brett (based) (Brett), which decreased by 12.28%, 10.20%, 9.95%, 9.16%and 9.10%, respectively.
Source: CoinmarketCap
In situations like this, this implies that market investors are more downside than ever, which has caused widespread sales.
This is reflected in the drop in market volume, according to an analysis of market capitalization.
In the past 24 hours, market capitalization has dropped to a new weekly minimum of $ 65.53 billion, but then had a slight recovery at $ 66.10 billion.
Although price reductions tend to attract drop buyers, this was not the case here.
Indeed, the volume of negotiation crossed 27.23% alongside the price, not only signaling panic, but hesitation. This suggests that the sellers are exhausted, but buyers do not intend either.
Source: CoinmarketCap
Ambcryptto has dug more and found that the same prices could drop even more.
Highly efficient
Several factors have led to the same losses in the last 24 hours, including a drop in the Altcoin season index.
Traders use the Altcoin season index to assess the probability of a market rally among cryptographic assets, excluding bitcoin.
When the index reads, it indicates that altcoins are more likely to rally, because more liquidity enters the market. A weaker reading suggests a liquidity output.
Source: CoinmarketCap
This index has gone from a maximum of 43 to its current level of 22, which indicates that confidence is decreased and that the sales pressure increases.
Lower readings imply that the capital flows from altcoins and returning to stable assets, or simply out of the table. That said, it is not only a matter of feeling; The rotation of the sector is also at stake.
Sector performance confirms this feeling
Sector performance data follows how a specific market category has worked over time.
Interestingly, Ambcrypto noted that although Memecoins led the market last month with a growth rate of 46.8% – which makes it the sixth most efficient sector – this trend has reversed.
Source: Artemis
Depending on press times, the same sector ranks as one of the most underperforming, with a 2.3% drop in market value.
If this sales trend continues, the same prices will probably remain low, with more investors who suffer losses.
