As always, with the demise of Bitcoin (BTC), the entire cryptocurrency industry has come crashing down in terms of valuation and demand.
Bitcoin’s Impact on the Crypto Market
Bitcoin is known for being the trendsetter for the entire cryptocurrency industry. Its positive and negative movement always has a broader impact that extends to the entire cryptocurrency industry.
In recent sessions, the trading value of Bitcoin has continued to decline. Quite shockingly, the demise has not been confined to Bitcoin itself but it has extended to the entire crypto market.
No matter the blockchain or the protocol, if Bitcoin takes a dive, all of them do. Even now, as the price of Bitcoin slid, the rest of the crypto market followed its lead.
Even the cryptocurrencies and digital assets on some of the largest blockchain networks have experienced the same downtrend. For some networks, the demise in value was as high as 6%.
Crypto Market Downtrend
The latest market data shows that the trading price of Bitcoin experienced an alarming dip that saw its price get pulled under $22,000.
Other cryptocurrencies such as Ether (ETH), Solana (SOL), Matic (MATIC), Uniswap (UNI), and many more experienced declines in their values as well.
The latest data shows that the trading price of ETH experienced an over 2% decline. Then comes SOL which experienced a 6% plunge and the same was the case with MATIC in the past 24-hours.
In the same period, the trading price of UNI recorded a 4% decline. Avalanche (AVAX) also followed the same trend and its value plummeted by 4% in the past 24-hours.
Decline Recorded for the AI Tokens
Although the artificial intelligence (AI) tokens had been performing really well since the beginning of 2023, they faced the same fate as the major cryptocurrencies.
The major tokens from the AI segment include SingularityAI (AGIX) and The Graph (GRT). The latest market data shows that the values of both tokens have plummeted by 8% each in the past 24-hours.
The recent plunge has turned out to be an obstacle in the upward movement of the AI tokens that they have been witnessing since the start of 2023.
Performance of Curve Ecosystem Tokens
Even the tokens from the Curve ecosystem have recorded huge losses in the past 24-hours. Their losses have proven to be larger than most of the tokens from any other segment.
Then comes one particular token from the gaming-focused sector whose value has witnessed a tremendous fall.
From the Curve ecosystem, it is Convex (CVX) that has recorded a 7% fall, and the Curve (CRV) token has also recorded a similar decline.
Then there is the ImmutableX (IMX) token from the gaming sector whose value has plunged more than 12% in the latest session.
What does the CMI Suggest?
The broader index for the cryptocurrency market capitalization, CoinDesk Market Index (CMI), has revealed that a decline has been recorded in the overall crypto market valuation.
The reports show that the overall cryptocurrency market valuation has dropped by 1.2% due to recent developments in the market.
The overall decline of the major cryptocurrencies has put pressure on the entire crypto market.
Cryptocurrencies that Bucked the Trend
While most of the cryptocurrencies experienced a downtrend, some cryptocurrencies have recorded strong uptrends.
These cryptocurrencies have made it through difficult and challenging times.
The report shows that the trading price of Toncoin (TON) has recorded a surge. In the past 24-hours, the value of the token has surged by 6%. There were no specific catalysts that helped set a strong trend for the asset.
Shiba Inu (SHIB) has demonstrated strong performance as well. The meme coin has recorded a 2.2% surge in the past 24-hours. It is mainly because of the highly anticipated launch of the Shibarium protocol.