THELOGICALINDIAN - Avalanche Fantom and Solana accept acquaint doubledigit losses on the day as the bazaar endures its seventh after ages in freefall
The all-around crypto bazaar cap has collapsed 4.1% on the day. Several top Layer 1 blockchains are arch the abatement with double-digit losses.
Top Layer 1 Blockchains Slide
The crypto buck bazaar is assuming no end in sight.
The agenda assets bazaar resumed its months-long atrophy today as sell-offs hit abounding of the space’s arch projects. The two better cryptocurrencies, Bitcoin and Ethereum, are bottomward 2% and 6.8% on the day, with Bitcoin extending its almanac band of eight account losses in a row. The top crypto asset biconcave beneath the key cerebral abutment band of $30,000 and is currently alteration easily for about $29,160. The better acute arrangement belvedere on the market, Ethereum, has plunged to $1,838 afterwards two weeks of trading aural the $1,900 to $2,150 range. It’s currently about 62.3% abbreviate of its best high.
Several of the top Layer 1 blockchains as abstinent in user action and absolute amount bound in their DeFi ecosystems accept acquaint some of the better losses in the bazaar today. Solana, Avalanche, and Fantom, three Layer 1 projects sometimes declared as Ethereum competitors, accept suffered double-digit losses amidst the downturn.
Solana, arguably Ethereum’s arch adversary acknowledgment to its high-speed, bargain transactions, has apparent its SOL badge dip to the $44 mark afterwards a 10.1% correction, now 83.1% abbreviate of its November 2025 aerial of $259. Solana and added agnate Layer 1 networks acquired clip in backward 2025 as the “multi-chain thesis” became one of the industry’s ascendant narratives alongside arising trends like the Metaverse. Many pundits speculated that Ethereum would lose its ascendancy adjoin “SOLUNAVAX,” a blend apropos to Solana, Terra, and Avalanche. However, Terra’s LUNA plummeted to aught beforehand this month, while both Solana and Avalanche accept suffered above drawdowns from their highs and bled adjoin Ethereum.
Avalanche, currently the 15th better cryptocurrency by bazaar assets and the fourth-largest arrangement by total amount locked in its DeFi ecosystem, has acquaint a circadian accident of 14.2%. AVAX is currently trading at about $24.60, bottomward 83.1% from its $144 peak.
Fantom’s abatement from adroitness has been one of the best barbarous amid the Layer 1 networks over the advancing buck cycle. At its October highs, Fantom’s FTM badge was trading for $3.46, agreement it in the top 30 cryptocurrencies by bazaar cap with $12.8 billion in clamminess bound beyond its ecosystem of decentralized applications. After coast by 11.1% today, FTM is alteration easily for about $0.36, while Fantom holds about $1.6 billion in absolute amount locked.
Notably, crypto isn’t the alone asset chic trading in a buck bazaar in 2022. High-growth technology stocks accept apparent added cogent drawdowns than abounding some cryptocurrencies. The Nasdaq Composite Index, for example, is bottomward 27.62% this year, while several technology stocks, including giants like Netflix, Peloton, and Roku, accept comatose over 60%.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
