Altcoins Weekly Losses Grow as Market Liquidations Continue
Cryptocurrencies face market corrections days into 2024 based on several factors ranging from trader gripping reports, a fake spot Bitcoin (BTC) ETF social media post, and other factors.
On-chain data shows declining asset prices in the second week of the year, especially around altcoins with multiple assets posting over a 10% plunge in the last seven days.
Solana ( SOL ), which had a high-flying December, temporarily displaced BNB as the fourth most popular cryptocurrency by market capitalization after it surged over 60% within weeks last month.
Despite growing metrics in terms of decentralized exchange (DEX) volumes, the asset fell 10.64% in the last week and 3% in the past 24 hours. However, gains from its bullish drive can still be seen in the last 30 days holding a 34% growth.
Ripple ( XRP ) remains in the red zone with an 11.59% loss in the past week and 1% in the last 24 hours. Although the coin recorded entries in the last quarter of 2023, it hovers around a 10% decline in the last 30 days.
On the other hand, BNB has recorded a much better performance in the last month as it regained its fourth spot by market capitalization. The asset is up by 24% in the last 30 days as Binance spot volumes increase on the back of renewed institutional investment in the market and as assets crawled out of the woods.
Cardano (ADA) and Avalanche (AVAX) posted bigger losses of 18.33% and 16.47%, respectively, as wider liquidations continued. Notably, both assets have increased volumes coming out of the bearish run sparked by industry collapses in 2022 and macroeconomic factors.
On one hand, Cardano’s numbers grew with slightly higher institutional products as new investors trickled in. Its developmental roadmap
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