The crypto market has crashed today and there's blood in the streets. Crypto is more volatile than traditional markets and while most stocks would panic at a 10% drop—all coins fell by at least this amount.
At the far end of the spectrum, the most badly burnt coins dropped by at least 40%. These were Maker (MKR), Matic Network (MATIC), Aave (LEND), Hedera Hashgraph (HBAR) and Chainlink (LINK).
Maker, the governance token behind the Ethereum stablecoin DAI, is currently performing worst of all after suffering 41.5% losses in the last day, falling from $500 down to $310. It lost $190 million of its market capitalization.
Matic Network—a cryptocurrency designed to handle more transactions—isn't performing much better and collapsed to its lowest value since October 2019.
Decentralized lending protocol Aave and blockchain-based payment network Hedera Hashgraph also took a serious beating today. Aave has now seen much of its 2020 gains wiped off after falling back to $0.0244, whereas Hedera Hashgraph has now experienced two back-to-back crashes in a month, sending it tumbling back to $0.0318.
It isn't just mid-cap coins suffering either. Chainlink is a protocol for connecting blockchains to real world data and is currently the 12th largest cryptocurrency by market capitalization. It saw 40% losses today pushing the price of LINK as low as $2.50—a value not seen since January.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.