Sellers still control the crypto world as sentiments retain bearishness amidst intensified market sell-off. Yesterday’s sessions had Bitcoin plunging under $29K as Ethereum lost grounds at $1,800. Such developments left many worried about the cryptocurrency industry losing its Trillion-dollar prestige.
Meanwhile, the Saturday crash left about 137,446 investors liquidated. The total liquidations amount to $517.24 million. Meanwhile, the Okex exchange saw the highest single liquidation, valuing $3.30 million.
Digital tokens see price declines following the brief decouple from the surging stock prices. While publishing this content, the overall crypto market capitalization hovered near $1.18 trillion, 5.35% down within the past day.
Though most digital tokens in the top 100 crypto-list by market cap recorded weekly losses, Ethereum Classic (ETC) and Tron (TRX) saw double-digit surges. TRX gained 11.42% within a week, whereas ETH surged 11.80% during the timeframe.
Why ETC and TRX Gained
Ethereum Classic (ETC) gained over 9% within the previous day, its trading volume surging 40%. The Ethereum Beacon Chain instability following block reorganization fueled the upside move. That had market players questioning the transition to Proof-of-Stake.
The proof-of-work ETC sees its price surging higher, whereas Ethereum (ETH) dropped beneath $1,800, following a 10% loss within a week. Ethereum Classic gained over 15% within seven days to explore the $25.54 high from $20. However, brief retracements dragged the alt to $22 at this publication.
Concerns related to transitioning to PoS from PoW had Ethereum on colossal liquidation within the past 24 hours. That had BTC’s dominance surging to 45.75%, exploring levels never seen since October last year.
The programmable stablecoin, USDD, success contributed to Tron’s price surge. The Tron network uses TRX as the native token. USDD stablecoin continued to flourish amidst bearish trends within the crypto spectrum and uncertainty over stablecoins and their reliability.
USDD’s market cap stands at $602 million, following a 4.48% gain within the past day amid continued stablecoin adoption. Its current transaction volume stands at around $91 million, confirming the steady adoption of the stablecoin.
Though the marketplace remains bearish, tokens such as ETC and TRX posted impressive gains. That shows investors consider chains with use cases. And that might continue as the market escapes BTC’s influence.