Crypto Market Overview: LUNA 2.0 and top 3 DeFi losers

The crypto market remains unstable. Bitcoin and Ethereum still struggle to regain their value and go back to the prices of before May 12. It seems that all the world’s political events and chaos in the stock market just won’t let digital assets move forward.

Both Bitcoin and Ethereum haven’t moved much from the prices they had a week ago. Altogether, BTC gained 2.50% in the last 7 days but dropped by 2.48% in the last 24 hours. It is now trading at $29.522,41.

Source: Messari.io

Ethereum also experienced a surge on the last day of May but pulled back by the end of the week. During the last 24 hours the currency lost 3.11% but climbed by 0.11% during the week. The current ETH’s price is $1,762.98.

Source: Messari.io

Terra Luna’s second chance

Meanwhile, Terra has finally revealed its recovery plan and launched its new LUNA coin on a different blockchain at the end of last week. The previous version of LUNA will still continue to exist but now under the name of Terra Classic (LUNC). Terra’s stablecoin that tremendously crashed and depegged from the US dollar on May 8 is renamed to USTC. All LUNC holders have already received LUNA tokens on a new blockchain. This way, Terra’s founders and the community are hoping to revive the lost assets. Both LUNC and LUNA are already available in most prominent exchange services including Binance, Coinbase, ChangeNOW, etc. 

The first Terra blockchain keeps crashing. LUNC has lost 26.44% in the last 7 days and 6.82% in the past 24 hours. At this point, the coin costs $0.0000954.

Source: Messari.io

The new LUNA took off at the mark of almost $20 but very quickly lost that ground. During the week the coin fell by 28.29% and lost 7.52% in the last 24 hours. At the moment of writing, LUNA is trading at $6.57.

Source: Messari.io

So, even though with the launch of a new blockchain things are looking better for Terra, there’s still very little chance that the platform is going to fully recover. 

Top DeFi losers

The DeFi crypto market capitalization has decreased by over 15% over the day proving that this category is also following the bearish trend. Out of all DeFi tokens Terra Classic once again turned out to be the one that lost the most this week. However, many other coins have also retreated. Let’s analyze some of the top losers.

Conflux (CFX) 

Conflux is a DeFi blockchain that uses a unique Tree-Graph consensus algorithm. It plays a big role in expanding the global DeFi ecosystem in Asia and all around the world. The platform’s native token CFX is used for payments and rewards.

The currency fell dramatically this week, losing 16.85% in value in the last 7 days and 4.09% in the past 24 hours. Right now CFX costs $0.0779.

Source: Messari.io

Secret (SCRT)

Secret is a Cosmos-based blockchain that provides data privacy to its customers. The platform’s Secret Contracts allow DApps to use private information. Secret helps to protect the sensitive data which other blockchains usually are not able to hide.

SCRT has been very volatile this week. The coin fell back by 11.01% during the last 7 days and by 3.35% in the past 24 hours. SCRT’s current price is $1.49.

Source: Messari.io

1inch Network (1INCH)

1inch Network  is considered the most audited project in DeFi. Its unique protocol enables the platform to reach the deepest liquidity having access to numerous sources worldwide. The project is also known to be secure and offer reasonable prices.

1INCH’s value rose above $1 in the middle of the week but later dipped again. The coin pulled back by 5.01% in the last 24 hours and by 3.65% during the week. At the time of writing, 1INCH is trading at $0.862.

Source: Messari.io

Despite the numerous losers, the DeFi crypto market has its weekly gainers as well. Tokens such as Avalanche, Uniswap, Chainlink, Tezos, etc. have surged during the week. There’s a possibility that other DeFi coins will catch on this trend as well and bring the bullish wave soon.