Several tokens powering some of the industry’s biggest Layer-1 protocols, including Cardano, Solana, and Avalanche, are among the worst affected by the latest bear market, dropping hefty value over the past week.
Cardano (ADA), the eighth-largest cryptocurrency by market cap, is down 9.5% over the last week, trading about $0.395 by press time, data from CoinGecko shows.
The Cardano blockchain went through a major upgrade with the Vasil hard fork in September, which introduced a host of new features, including an optimized code base and reduced transaction times.
Yet, the upgrade failed to boost the price of ADA, which is now down 22.5% over the last month, and almost 82% since the start of the year.
Solana (SOL) is similarly on the downtrend over the week’s span, dropping 8.3%. SOL, which is the industry’s ninth-largest digital asset, is now changing hands at $31.38, per CoinGecko.
The protocol, while promising faster and cheaper transactions, has seen five major outages since its launch in 2020, with three of them happening this year. Each outage has been the result of either a bug in Solana’s code or the network becoming overwhelmed by artificial traffic from bots.
Although the project’s founder Anatoly Yakovenko recently claimed the solution to the network’s issues could be around the corner, the protocol once again made the headlines this week as the Solana-based DeFi trading platform Mango Markets fell victim to a hack, losing $100 million in the process.
Avalanche (AVAX) is another major layer-1 token that came under pressure in recent weeks, dropping 7.8% in value over the past seven days and more than 22% in the last month.
With a market cap above $4,7 billion, AVAX is the industry’s 17th-largest cryptocurrency.
Elsewhere in the market, Bitcoin (BTC) has been hovering just above $19,000 for the past couple of days and is now changing hands at $19,160, down 6% over the day.
Ethereum (ETH) is currently trading at $1,299, up 1% over the past 24 hours, but still down almost 5% on the last seven days.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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