Altcoin markets tumble further at the start of the new week

The original Cardano ADA token is now over 66% below its five-month high.

The recent market downturn that started during the Friday morning session has wiped out a significant portion of the crypto sector’s trading value.

Bitcoin, Ethereum and Binance Coin are down more than 5% on the day

Bitcoin (BTC) fell below $38,000 on Friday, but then fell below $35,000. It is down about 6.4% in the past 24 hours and is currently trading at $33,653.05 according to coinmarkecap data.

The price of Ethereum (ETH), which crossed $3,200 in Thursday’s trading session, is down 27.54% over the past seven days. The second largest crypto asset fell from the critical level of $2,400 on Saturday and reached a bottom around $2,330. On the day, the coin lost 11.21% and traded for $2,243.60.

Meanwhile, Binance Coin (BNB) is currently trading at $343.45, down around 11.21%. The current price level is slightly above half of the record high ($690.95) set in May last year. The last time the currency fell from this low was at the end of September.

Cardano, Polkadot and Solana also recorded double-digit losses

Solana’s original token SOL is the biggest loser among the top 10 cryptocurrencies by market capitalization. It fell below $90 on Saturday and showed a path to recovery towards $100. However, the comeback was short-lived as the market posted larger red candles. It is down 18.85% in the last 24 hours and the 7-day trading chart shows it is down more than 40% to $83.65.

Cardano’s ADA is struggling to stay above $1.00 after falling below this key level for the first time since the third week of July. The coin is currently trading at $0.98 and the daily and weekly charts are showing losses of 13.81% and 36.25%, respectively.

Polkadot (DOT) prices are currently about 70% lower than their highs in November. The DOT plunged to a multi-month low of $16.53 on Saturday as the dumps of the cryptocurrency market deteriorated. It is currently trading at $16.35 below this level. This is the lowest since the end of July 2021.

The majority of altcoin holders are ‘underwater’

Data from cryptocurrency analysis and statistics platform IntotheBlock shows that only a few alternative holders are “making money” due to the recent market crash.

Analyze the position of the trader by comparing the average purchase price of the coins with the current price of the coins. Traders whose average purchases are higher than the current price are considered “no money” because they are essentially losing money. The opposite is true for those who are “in the money”.

According to IntoTheBlock, only 9.55% of ADA holders are green. This figure is 7.08% of MATIC holders, but only 4.14% of FTM holders still have money.

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