With more than 18,000 cryptocurrencies in existence and counting, there are more than triple the number of crypto coins than there are US exchange-listed stocks. That massive amount of supply makes it nearly impossible to keep track of all the big movers in the crypto sector outside of well known coins like bitcoin, ether, and dogecoin.
The surge in new crypto coins came amid a massive bull market for the sector in 2021, but a more than 40% decline in bitcoin from its November high is challenging the space, especially in smaller coins that saw extraordinary gains last year like solana, cardano, and polkadot.
With less liquidity and more volatility, these alternative cryptocurrencies can deliver investors massive losses or gains in a short period of time. Shiba inu is down 65% from its recent high, but is still up big over the past year. Meanwhile, squid game token fell 99% in a single day after delivering swift gains of 75,000%.
Keeping an eye on the weekly winners and losers can help investors identify which coins are beginning to gain and lose traction in the crypto community.
Advertisement
These were the five worst performing cryptocurrencies with a market value of more than $1 billion over the past week, according to data from CoinMarketCap.
5. Solana
Symbol: SOL Market Value: $26.6 billion 7-Day Performance: -9.4%
NewsletterSIMPLY PUT - where we join the dots to inform and inspire you. Sign up for a weekly brief collating many news items into one untangled thought delivered straight to your mailbox.
Dubai adopts crypto law as it looks to become a hub for web 3.0
Crypto evangelist Michael Saylor says bitcoin is the only scarcity in the world and snubs gold and 'everything else' as commodities that can be manufactured indefinitely
Biden's executive order on cryptocurrencies zeros in on 6 priorities and 'urgency' in exploring the creation of a US digital dollar