Despite the overall increase in cryptocurrency market capitalization, many large-caps posted dramatic losses since Jan. 1, 2024. One of three tokens in the top 100 is in the red, Colin Wu’s review says.
Starknet (STRK), ORDI (ORDI), MultiversX (EGLD): Worst performers in top 100
Amid the 100 largest cryptocurrencies by market capitalization, 37 tokens saw their capitalization metrics declining year-to-date. Meanwhile, the two largest cryptos, Bitcoin (BTC) and Ethereum (ETH), posted amazing gains, Chinese cryptocurrency journalist Colin Wu says on X.
We counted 37 tokens among the top 100 tokens by market value that have fallen in price this year. During the same period, BTC +48.9% and ETH +36.4. Among them, STRK -50% ORDI -45% EGLD -41% MINA -38% BSV -37% ARB -31% INJ -28% MATIC -27% had the largest decline. pic.twitter.com/c9GrB1GIx2
— Wu Blockchain (@WuBlockchain) April 27, 2024
The three worst sufferers, namely Starknet (STRK), ORDI (ORDI) and MultiversX (EGLD) lost between 40% and 50%. STRK, the core native cryptocurrency of Starknet, an Ethereum L2, saw 50.33% of its value erased.
Other second-layer solutions for Ethereum (ETH) also posted dramatic losses: Optimism’s OP lost 38%, Arbitrum’s ARB is 31.5% down, while Polygon (MATIC) registered a 27.6% dropdown.
Out of all “losers,” Chainlink’s main token LINK and Internet Computer (ICP) look the strongest with sub-1% losses.
Total crypto market cap added 40% in 2024
In 2024, fueled by the long-anticipated approval of spot Bitcoin ETF in the U.S., cryptocurrency prices entered a new phase of growth.
As such, the net valuation of cryptocurrency tokens spiked from $1.773 billion to $2.467 billion. The metric peaked on March 13 at $2.891 billion.
Bitcoin (BTC) dominance, the ratio of the BTC market cap to the cumulative market cap of cryptocurrencies, was surging during the whole period. After adding over 6.2%, BTC.D exceeded a three-year high and peaked at 57% in mid-April, TradingView data says.