Every top cryptocurrency is on the ground-except Justin Suns Tron

Every top cryptocurrency is on the ground-except Justin Suns Tron

The markets for cryptocurrencies have lost 7 % of their collective market capitalization in the past week, while shares experience a recovery rally.

of the top 10 cryptocurrencies after market capitalization (without stable coins and wrapped Bitcoin) is most affected by the Ethereum rival avalanche. The native token of Avalanche, Avax, has fallen by 22 % since last Friday - at the time of going to press, it fell from $ 29.01.

XRP lost 7 %; Polkadot has dropped by 3.3 %; And Binance Coin fell by 2.5 %according to the TradingView data compiled by Blockworks. Dogecoin is now even thanks to an increase of 7 % on Friday.

The market leader Bitcoin has fallen by 4.6 % in the past seven days, from around $ 28,900 at 11:50 a.m.

cardano (ada), Solana (Sol) and Ether (Eth) all sank by more than 12 %-the latter weighed difficult to weigh through a seven block. " href = "https://twitter.com/koeppelmann/status/1529458000011972610"> Reorganization "of his experimental Beacon chain at the beginning of this week.

The Beacon Chain from Ethereum is intended to make the network changing to a proof-of-stake protocol called "The Merge". Some industry insiders are now concerned that more work has to be done to ensure that the new network is secure when The Merge comes, which is expected to take place at some point in August.

While crypto has suffered great losses, benchmark stock indices such as the Nasdaq 100 and the S&P 500 increase after seven red weeks in a row. The technology -based Nasdaq rose by 6 % this week, while the S&P has recovered by 5.5 %.

tron ​​Bucks tend to become the only top cryptocurrency in the green area

As it turns out, Tron is the only top 10 crypto project that made profits last week. The native token trx of the blockchain has increased by 11 % and jumped from $ 0.073 to $ 0.081.

Tron founder Justin Sun will soon launch an algorithmic stable coin in Terra style, while the stable coin giant Tether has just used a token bound to the Mexican peso, both of which will use the long-term blockchain.

In fact, TRX is by far the top project most powerful in May. Every cryptocurrency in the top 10 after market capitalization (again without stable coins or wrapped Bitcoin) has broken up by more than 19 % in the previous month - Trx has increased by 30 %.

The same applies to Trx in the current year. BTC fell by almost 38 % in 2022; ETH has fallen by 52 %; But TRX rose by 7.5 %. The entire crypto market broke up by 46 % during this time, which corresponds to a loss of $ 1 trillion due to its collective capitalization. Krypto is now worth around $ 1.18 trillion.

But while Trx is a runaway, old coins still empty quickly on a broad front. This has resulted in the BTC dominance (which measures how much bitcoin on the Kryptomarkt) has reached almost 46.5 % at 11:50 a.m.-according to TradingView, the highest level since October 2021 Cryptocap-dominance index .

Bitcoin dominance has increased by 16 % since the beginning of the year, while ether dominance has dropped by almost 10 % and is now 18 %.

But these movements fade compared to the stable coins Tether (USDT) and Circles USD Coin (USDC). The dominance of USDT has increased by 78 % this year, while that of USDC has exploded by 128 %, since dealers are looking for protection against more volatile cryptocurrencies.

Together these two tokens bound to the dollar now make up about 11 % of the total cryptom market, compared to 5.5 % at the beginning of the year.

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The contribution of every top cryptocurrency is on the ground-except Justin Suns Tron is not a financial advice.