This week has seen the crypto market take a break from the persistent bearish trend, with Bitcoin and a good number of altcoins bringing in gains.
As the week closes, almost 80% of the crypto market has seen growth. Despite a huge chunk of the crypto market looking bullish, IOTA, NEO, and VeChain have all recorded losses.
IOTA opened the week on a strong note, trading as high as $0.97, but the bulls failed to sustain the price of the token.
Over the last 24 hours, IOTA is down by a sharp 14.45%, losing more than $100 million of its market cap in the process.
IOTA is currently changing hands at $0.562891, its lowest price since November 2017. IOTA’s nosediving value could see it break below the $0.55 support level if no support is offered soon.
IOTA has lost over $800M of in market capitalization since July 29 and retreated from the 9th place. IOTA currently holds a market capitalization of $1.56 billion and is the 10th largest cryptocurrency.
Daily trade volume of IOTA remains average, with $51.8 million traded over the last 24 hours.
IOTA’s poor run over the last one week has earned it the position as the worst performer among the top 10 digital assets.
NEO is another asset that has suffered gross devaluation as the bears continue to reign over the crypto market.
Just like IOTA, NEO opened strongly, gaining and maintaining it for the early parts of the weeks before the bears took control.
Over the last 24 hours, NEO is down by a massive 12.55%, shedding about $100 million of its market cap in the process.
As at the time of this writing, NEO (NEO) has a trading value of $19.97. NEO is now ranked as the 15th largest cryptocurrency with a market capitalization of $1.297 billion.
In February, NEO traded well above $120 and was ranked the 7th largest cryptocurrency, making NEO’s current value is a far cry from its value months ago.
A lot of work needs to be done for NEO to scale the $100 mark once again and reclaim its position in the top 10 cryptocurrencies ranked.
VeChain, now VeChain Thor has seen a traffic of activities over the last couple of weeks, however, it has not been able to save the altcoin from decline.
VeChain’s decline is perhaps the most shocking of the three coins discussed here, VeChain has dropped 16.8% of its value over the last 24 hours.
The VeChain Thor (VET) tokens opened for trade on August 3 with a value of $0.009941, however, as at press time, a VET token is trading at $0.009742.
This translates to a 40% drop in value in the last seven days. The token currently holds the 21st position in the cryptocurrency ranking with an estimated market cap of $540.26 million.
Despite the drastic devaluation of the VET tokens, the daily trade volume has grown remarkably since its launch. Over the last 24 hours, VET has recorded $40.5 million in trade.
The poor performance of leading altcoins has seen the dominance of Bitcoin reach a yearlong high. Bitcoin dominance of the crypto market is now 49.3%.