Bitcoin’s bear market sent several cryptocurrencies through the mayhem, with the total crypto market capitalization falling from $3 trillion to around $1.2 trillion today.
The surge in new crypto coins followed a dramatic bull market for the sector in 2021, but an over 50% plunge in bitcoin from its November high has dragged the whole sector to years low, especially smaller coins that saw parabolic surges last year, such as Solana, Cardano, and Polkadot.
The tumbling of Luna and its related stablecoin, TerraUSD, has also worsened the situation for crypto investors as more traders started questioning the stability of other dollar-pegged coins.
With less liquidity and increasing volatility, these alternative cryptocurrencies can result in massive losses or gains for investors in a short period. For instance, squid game token fell 99% in a single day last year after delivering swift gains of 75,000%.
Keeping an eye on the weekly winners and losers can help investors identify which coins are beginning to gain and lose traction in the crypto community.