Crypto Market Slides After Bullish Run-Up
The crypto market has taken a hit this weekend, with the total value locked (TVL) in decentralized finance (defi) slipping below the $50 billion mark to $49.8 billion. The TVL in defi has fallen by 2.24% over the last 24 hours, while the top smart contract token economy has lost 3.7% against the U.S. dollar.
Currently, the TVL in defi is dominated by Ethereum, which holds 58.45% of the total value. Tron follows with 10.64%, Binance Smart Chain (BSC) with 10.01%, Arbitrum with 3.89%, and Polygon with 2.36%. All five of these blockchains capture 85.35% of the aggregate value locked in decentralized finance.
Out of the top ten smart contract coins, Polygon had the largest drop this week, at 17.6%. The biggest gainer this week was stacks (STX), which rose 102.5%, followed by kylin network (KYL), which rose 69.1%. The two biggest losers over the last seven days in terms of smart contract tokens were astar (ASTR), which lost 26.2%, and shiden network, which shed 23.9%.
The recent slide in cryptocurrency prices has caused some concern in the crypto community, with many speculating on the future of decentralized finance markets. While it is too early to tell what the long-term effects of this downturn will be, it is clear that the crypto market is still volatile and unpredictable. Investors should be aware of the risks associated with investing in cryptocurrencies and should always do their own research before making any decisions.