There were several losses that were in the double digits across the board as a result of the market capitalization of the markets reaching all-time lows.
In the days that followed the unfortunate failure of FTX, the markets shown some degree of resilience.
A year ago, the markets were reveling in the excitement of all-time highs, but after a year has passed, things have gone awry for the fledgling industry.
At the beginning of the week, the charts were colored red, indicating that the values of all assets were declining. Bitcoin (BTC), the most popular form of virtual currency, had managed to shed 5.07% of its value in less than a day, bringing its price down to around $15,000. A strong performance that gave the bulls hope before the slump was Bitcoin's ability to keep its price above $16,000 for nearly 14 days before it dropped.
To the dismay of investors, Ethereum (ETH) followed Bitcoin's example and experienced a loss of 7.55 percent in twenty-four hours. The asset experienced a loss of more than 10% during the time frame, as shown by the weekly chart, which displays an even more disheartening statistic for the industry.
The rout that took place over the weekend did not have the greatest impact on the value of the two cryptocurrencies with the most market share. Over the course of the weekend, Polygon (MATIC) reported a loss of 12%, while Polkadot (DOT) reported comparable figures with a loss of 5% over the course of the last day.
At the beginning of the week, the value of Shiba Inu (SHIB) dropped by a respectable 5%, while the value of Solana dropped by an astounding 17.30%. Solana appeared to be in a freefall. The market capitalization of the sector is currently estimated at $780.80 billion, which is a significant drop from the nearly $3 trillion it reached just one year ago.
The ecosystem as a whole experienced a decline in value, but not everything was a complete loss of value; in fact, some projects managed to achieve some success despite the overall trend of decline. The cryptocurrency TRX associated with Tron and Litecoin appeared to have the most success, registering gains of 4.87% and 9.40%, respectively.
A demonstration of tenacity
Since the failure of FTX, the markets have been through a rough patch, but they have managed to stay afloat thanks to on-chain reports of investors piling into Bitcoin and moving their holdings into cold storages. This has kept the markets from collapsing completely. A report that El Salvador had committed to buying one Bitcoin per day was another factor that may have contributed to the markets' display of resilience.
According to a statement written by President Nayib Bukele, "We are purchasing one Bitcoin every day beginning tomorrow."
We support Nayib Bukele's initiative to buy Bitcoin on a daily basis and echo his sentiments. Additionally, beginning tomorrow, we will purchase one Bitcoin each and every day! said Justin Sun, the man who created Tron.
