At the end of July, the crypto market experienced significant difficulties, as most major tokens fell by double-digit percentages. From August 4 to 5, 2024, the total market capitalization of cryptocurrencies fell by almost 20%, from $2.16 trillion to $1.76 trillion, according to data from Coinmarketcap. This is the latest stage in a broader downtrend that began on July 29.
Since then, the total market capitalization of cryptocurrencies has fallen from $2.48 trillion to the current level of $1.76 trillion, representing a 28% decline for the week.
Analyzing the performance of the top tokens by market cap, one thing is clear: none of them escaped the recent downturn.
Among the top 10 non-stablecoin and derivatives assets, cryptocurrency $DOGE was the worst performer in the past 24 hours, down 22.7%, according to Coinmarketcap. TRON, on the other hand, has shown the most resilience, down only 7.1% on the day.
The decrease in the price of tokens also caused significant liquidations of them. On August 5, traders on major exchanges experienced liquidations in the amount of more than $819 million (approximately $688 million in longs and $131 million in shorts). This is the largest daily volume of liquidations since April 13, 2024. $BTC $BNB
