decrypt.co
As the broader crypto market struggles to find momentum for the next upward leg, several cryptocurrencies representing layer-1 blockchains are down heavily in the week.
With a plunge of more than 20% over the past seven days, the token powering the proof-of-stake blockchain Tezos (XTZ) has led losses for this category.
After hitting a two-week low of $1.14, XTZ climbed to $1.21 earlier on Wednesday before another slide took the asset down to $1.15 by press time, according to CoinGecko.
Avalanche (AVAX), the world’s 18th-largest cryptocurrency with a market cap of over $5.6 billion, has been in the downturn for nearly a month now. Though the coin hovered near $21 on February 22, the coin now trading at $17.3, per CoinGecko.
The past week was also bearish for Fantom (FTM), the native cryptocurrency of the eponymous blockchain, which is down 13% over the span, currently trading at $0.43.
Polkadot (DOT), the industry’s 14th-largest asset with a market cap of $7.6 billion, is meanwhile down 3% over the day and almost 12% in the past day.
Polkadot may be one of the top blockchain projects in terms of developer activity, but price-wise this has helped little. DOT, which is currently trading at $6.31, is still almost 89% off its all-time high of $54.98 posted in November 2021.
GitHub Monthly Development Activity:
#1: 550 Polkadot / Kusama
#2: 518 Cardano
#3: 413 Internet Computer
#4: 396 Ethereum
#5: 363 Vega Protocol
#6: 357 Status
#7: 332 Cosmos
#8: 311 Decentraland
#9: 306 Filecoin
#10: 293 Hedera pic.twitter.com/dU53xFBF1h— ProofofGitHub (@ProofofGitHub) March 1, 2023
Elsewhere, tokens underpinning other notable layer-1 projects such as Algorand (ALGO) and Cardano (ADA) are down 10.4% and 9.4% over the week, respectively.