Some cryptocurrencies in the top 100 rankings have suffered more losses than Bitcoin and Ethereum in the last 24 hours.
Cryptocurrency investors were dealt a heavy blow yesterday, which saw nearly 8% wiped from the total market valuation, thus plunging the total cryptocurrency market capitalization to $1.74 trillion.
Aside from stablecoins, the top 100 cryptocurrencies were not spared, with some digital currencies recording major losses compared to others.
While Bitcoin, the world’s largest cryptocurrency by market capitalization, is down by 9.1% in the last 24 hours, Ethereum has dipped 8.2% within this time.
List of Top 100 Cryptocurrencies With Over 16% Dip
The losses recorded by the two-largest cryptocurrencies are nothing compared to the devastating plunge of some cryptocurrencies in the top 100 global cryptocurrency rankings.
A quick research on the performance of the top 100 cryptocurrencies shows that some coins have suffered at least 16% losses in the last 24 hours.
According to data on cryptocurrency aggregator data platform Coingecko, the digital currencies that have shredded over 16% of their value in the last 24 hours include ApeCoin (APE), Axie Infinity (AXS), Fantom (FTM), STEPN (GMT), Waves (WAVES), and Zilliqa (ZIL).
Recall that two days ago Elon Musk, the CEO and founder of American electric car company Tesla changed his Twitter profile picture to Bored Ape Yacht Club (BAYC) collage, thus prompting the price of ApeCoin to soar over 15%.
However, the fuss around the token started to decline slightly with things going from bad to worse after the price of Bitcoin crashed yesterday. In the hours leading up to press time, APE is down 16.2% in the past 24 hours.
In the same vein, AXS does not seem to have recovered from the over $600 million Ronin attack, as the price of the play-to-earn game digital currency is down 17.4%. Fantom, Waves, and Zilliqa are down 16.7%, 17.5%, and 17.5%, respectively, in the last 24 hours.
Meanwhile, STEPN recorded the major loss among the top 100 cryptocurrencies by market capitalization, as data on Coingecko shows that the coin is down heavily by 25.3% in the last 24 hours.
GMT’s massive dip comes after pseudonymous analyst Light warned his 155,700 followers that the token’s fundamentals no longer support its price.
/2 The app is compelling, and the growth is there. But there is no way to skin the cat and justify the valuation. This can often safely be ignored in crypto, but the deviation between GMT the token and STEPN the game has reached such fever that it offends even the insensible.
— light (@lightcrypto) April 28, 2022