Curve DAO (CRV), Bonk (BONK) and Pyth Network (PYTH) were among top losers as the cryptocurrency market witnessed sharp volatility on Friday, March 28.
The altcoins saw sharp declines as Bitcoin (BTC) fell below $84k amid CME gap trades.
Cryptocurrencies were also tracking downside action amid broader jitters across the risk assets market.
Top crypto losers today
As several altcoins, including Ethereum, XRP and Solana tapped further weakness, analysts pointed to what could happen next.
The global crypto market cap stood at $2.72 trillion, down 4% in 24 hours, while total daily trading volume was up 16% to over $90 billion.
In the crypto derivatives space, the market recorded a notable spike in liquidations.
Data from Coinglass showing a 100% jump in 24 hours to over $448 million in wiped out longs and shorts.
The fresh pain across the crypto market mirrored the reaction on Wall Street as macroeconomic data out on the day showed the United States’ higher inflation.
A number of crypto tokens bled significantly, to contribute to the 5% dip in the global crypto market cap.
Curve DAO (CRV) was down more than 14% to below $0.50, while Bonk (BONK) and Sonic (S) were each down 12%.
Bonk’s dip follows a notable surge earlier in the day amid positive ecosystem news.
The other top losers on the day included Pyth Network (PYTH), down 10%; Lido DAO -10% and Bittensor (TAO) also -10% in the past 24 hours.
The top altcoins of SOL, XRP, BNB and ADA also dropped, with these recording between 2% and 6%.
What are analysts saying?
Mike Alfred, a crypto investor and entrepreneur says:
“With Bitcoin and other high quality long term assets, it’s always better to add a little early than it is to add very late.”
Another analyst, Michael van de Poppe, is bullish on Sonic (S).
The project’s total value locked and network growth point to a positive flip, he suggests.
Carl Moon sees Solana dumping to lows of $113.
$SOL might dump all the way to $113
if this ascending support breaks.
Trade #Solana on Bitunix – themoon.co/BitunixCharts and get a free $100 after your first $500 deposit!
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Is ETH ‘dead’ as an investment?
One of the biggest losers in the top 10 coins by market cap is Ethereum (ETH).
Having lagged BTC throughout the bull market, ETH is down 20% in the past month and 47% off its highs at this time last year.
The lack of market momentum has several analysts pointing to a bearish trajectory for ETH, some seeing it dropping to $1,700 in the short term.
Notably, Ethereum price hovers near $1,890 at 2:20 pm ET on March 28.
Quinn Thompson, CIO of macro hedge fund Lekker Capital thinks ETH as an investment is “dead”.
He shared his view on X.
Make no mistake, $ETH as an investment is completely dead. A $225 billion market cap network that is seeing declines in transaction activity, user growth and fees/revenues. There is no investment case here. As a network with utility? Yes. As an investment? Absolutely not.
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