Crypto stocks continue to take big hits after China’s hard stance against the asset adds to recent Bitcoin price woes. Added to that, Tesla maverick Elon Musk’s sheepish tweets over the weekend caused all hell to break loose in the crypto streets, resulting in panic buyouts and switches to lower market caps.
At the time of writing, the BTC has come crashing down to a humiliating 4-month low of US$39,500, plummeting 30% since hitting its all-time-high of $63,729 in April.
The story was similar in the lower market caps, with coins such as Ethereum, Binance Coin and LTC falling like rocks in the last 24 hours. On a 7-day index,is down 31%, Binance 35%, and LTC 29%.
The only noticeable exception was the USDT, which is down 0.02% on the 7-day index, but that’s only because it’s tethered in principle to a fiat currency.
Besides the under-performing coins in the top ten market caps, cryptocurrencies such as Solana (SOL), Polygon (MATIC) and Nano (NANO) show promising upticks in the coming weeks.
At the time of writing, SOL has surged as much as 9.6%, trading at an encouraging $49.8. The Polygon coin on the MATIC blockchain has improved by 110% on the 7-day index, trading at $2.4. Nano has risen almost 3% in the last 24 hours, garnering support since breaking past the $9 barrier on the trading block.