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The crypto market is still facing the wrath of last month’s wider crash, with top coins hitting low prices not seen in more than a year.
As of Friday, coins such as Ethereum (ETH) and Solana (SOL) have experienced a major dip. While gaming and metaverse tokens too witnessed a large decline.
Data from CoinMarketCap reveals, that Ethereum has fallen by 7% on Friday, reaching $1,727.At the time of writing, Ethereum was trading at $1,800.47.
On the other hand, the price of Ethereum was surging and setting the latest ATHs, at the time early last year, an opposite scenario than right now.
This week, Ethereum has faced some technical issues through an important blockchain “reorganization” process on the Beacon chain, which is going to assist the transition of Ethereum to a more energy-efficient model through the upcoming “Merge.”
The price action of Ethereum might be due to the concerns over the migration, resulting in more than $157 million worth of liquidations.
Another leading altcoin Solana went through a major dip of 9% as of Friday. However, at the time of writing, it was trading at $43.00, up 4.03% in the last 24 hours.
Solana too suffered a technical hitch this week, just like Ethereum. The network revealed that its clock was off for around 30 minutes because of the longer-than-normal block times.
Metaverse and gaming tokens too have experienced a dip over a few days, after the news of STEPN, the lead of “move-to-earn” game witnessed its tokens lose significant value as the Solana-based game announced that it will block Chinese users due to regulations.
Bored Ape Yacht Club’s Ethereum-based token, ApeCoin, and forthcoming Otherside metaverse game, too experienced a decline of 11%, as of Friday. Meanwhile,
Axie Infinity’s AXS token was down 9% to about $18.40, Gala Games (GALA) has dropped 8% to $0.07, and Decentraland is fell by 8% to $0.95.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
