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The crypto market experienced a decline in the past week as the leading cryptocurrency, Bitcoin (BTC), dropped below the $26,000 level. With BTC falling to $25,900, most altcoins in the crypto market recorded double-digit losses.
Decline Continues in the Market
Following the decline in the crypto market last Friday, Bitcoin (BTC) fell below the $26,000 level and started trading at around $25,900. The total market value of the crypto industry dropped to $1.05 trillion, according to CoinMarketCap (CMC) data.
BTC’s drop to $25,900, which marked one of the most significant declines in recent times, resulted in many altcoins also experiencing double-digit losses.
Double-Digit Losses Within Days
The current downward trend in the crypto market and BTC has caused cryptocurrencies to lose value at high rates in recent days. Many altcoins recorded double-digit losses exceeding 10% in the past seven days. SHIB and LUNC, which have experienced a strong downward momentum in recent times, ranked among the top cryptocurrencies with the highest percentage of value losses.
SHIB
Shiba Inu (SHIB) continued to rise in August despite the crypto market decline, reaching levels as high as $0.00001. However, it faced significant resistance at these levels and experienced a decline again in recent weeks, falling to critical levels. SHIB, which lost over 20% in the past week, started trading at $0.0000081, recording a nearly 3% drop in the past 24 hours.
LUNC
Terra Classic (LUNC), the previous version of Terra 2.0, experienced a significant collapse in May 2022, dropping from $120 to $0.000016 and suffering massive losses. After the collapse, LUNC continued to lose value in recent months and accelerated its value losses during the week. LUNC lost over 15% in the past seven days, trading at $0.000065 and approaching its lowest price levels in years.
