Decentralized finance coins face 50% drop in a week
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Answer Decentralized finance coins face 50% drop in a week
With the continued decline of the cryptocurrency markets, neither big nor small currencies were delivered, nor did the currencies of decentralized finance.
After being the fastest growing in the past month, decentralized finance currencies have become one of the worst performing currencies in the past week.
Over the past seven days, the total market capitalization of all cryptocurrencies has corrected by 20% from its 2020 high, which it reached 26 months later at around $400 billion.
Bitcoin’s failure to break above $12,000 and the drop in Ethereum has led to more indicators appearing in the red.
Rough week in DeFi land with 6 assets dropping over 50%+ over the last 7 days
Read:“Polymarket” project is under investigation by the CFTC
Where are we going next? pic.twitter.com/3vJiqb4xhr
– Messari (MessariCrypto) September 8, 2020
Top 6 Decentralized Finance Coins Fall:
The research by Messari notes that it has already been a difficult week for decentralized finance as six cryptocurrencies plunged 50% during this period.
Curve Finance’s project coin, CRV, is the biggest loser, down 65% over the past seven days.
According For Uniswap.info, Curve DAO coin has crossed $50 after its launch in mid-August.
Today CRV is down more than 95% to less than $2 today.
Other decentralized currencies also suffered sharp falls including BAL, UMA, KAVA, BNT, SNX, YFI, and KNC, all of which lost between 30% and 40% during the period.
It’s worth noting that many of these coins are up in four-digit percentages this year, so a correction for many of them is healthy.
SUSHI coin:
SushiSwap’s cryptocurrency has not fared any better, as the coin is currently down 80% during the same week.
Despite the announced procedures related to the transformation of project management, the currency is still below its lowest level, estimated at about $11, as the currency’s performance is currently estimated at $2.49.
Read:The founder of Cardano breaks the silence and talks about the reasons for the delay in the promotion of “Vasil”
Recent research by Glassnode confirms that even with today’s low prices for SUSHI, the coin is still overvalued due to its inflation model, and a value of $0.31 has been suggested as the coin’s present value.
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