The cryptocurrency market is a market that has been faced with dramatic declines that have upset investors’ expectations. In the market crash last week, some cryptocurrencies saw historical lows. Accordingly, leading cryptocurrencies such as ARB, EOS and ZEC experienced collapses in this correction wave. These collapses increased concerns about the future of the market and brought anxiety among investors to the peak.
ARB Hits New Low
Arbitrum, an altcoin in the basket of Turkish investors, fell to a new historical low of $0.4316 with the sharp decline it experienced on August 5. This value indicates a loss of approximately 75.9% from the highest level in ARB's history, $2.39.
Such sudden and sharp declines in the cryptocurrency market are shaking investors' confidence and increasing uncertainties about ARB's future. In particular, the fact that it has been in a downtrend for a long time, Turkish investors entering ARB at high prices and the expected increase never coming, caused a reaction to ARB. ARB was at $0.57 at the time of writing.
EOS at All-Time Low
Another cryptocurrency that has suffered a similar fate is EOS. EOS fell to $0.408 on August 5, representing a loss of approximately 97.8% from its historical peak of $22.71.
EOS’s huge loss has seriously reduced investors’ interest in this cryptocurrency. Such sharp declines in the market raise significant questions about EOS’s future path. At the time of writing, EOS was trading at $0.50.
ZEC Has Become Almost a Totally Melted Value
Zcash (ZEC) reached a new all-time low on July 5, falling to $16.08. This represents a 98.7% drop from the all-time high of $3,191 for ZEC. The dramatic decline in ZEC’s value has been a source of great disappointment among investors. This dramatic decline has also led to a series of discussions that seriously question ZEC’s place in the market. At the time of writing, ZEC was trading at $42.
These historic declines experienced by leading cryptocurrencies such as ARB, EOS and ZEC have once again revealed how volatile the market can be. This market, which investors entered with great hopes, unfortunately witnessed disappointing results for many.