Crypto stocks have taken a battering as a result of China’s harsh stance against the sector, which has been compounded by recent Bitcoin price issues. Elon Musk’s degrading remarks over the weekend triggered a chain reaction in the cryptocurrency markets, resulting in panic buyouts and market cap swaps to lower market caps.
After hitting an all-time high of $63,729 in April, the BTC has plunged 30% and is now trading at a low of US$39,500.
In the smaller market capitalization, the scenario was similar, with cryptocurrencies like Ethereum, Binance Coin, and LTC plummeting like rocks in the previous 24 hours. On a seven-day index, Ethereum is down 31%, Binance is down 35%, and LTC is down 29%. The USDT, which is down 0.02 percent on the 7-day index, is the sole notable exception, but that’s only because it’s connected in theory to a fiat currency.
Aside from the top 10 market cap coins that are underperforming, cryptocurrencies like Solana (SOL), Polygon (MATIC), and Nano (NANO) are showing signs of improvement in the next weeks.
SOL has gained as much as 9.6% in the last 24 hours and is currently trading at a promising $49.8. On the MATIC blockchain, the Polygon currency has increased by 110 percent on the 7-day index, trading at $2.4. Since breaking above the $9 barrier on the trading block, Nano has increased about 3% in the previous 24 hours, gaining support.