In the dynamic realm of cryptocurrencies, the first week of 2024 unfolded with several altcoins taking center stage among the weekly losers, encountering substantial losses, with each altcoin facing a drop of over 20%.
Let’s delve into the specifics of each cryptocurrency’s performance and explore additional insights
Altcoins Take a Hit: Discover the Weekly Top Losers
Filecoin (FIL)
![Filecoin (FIL)](https://www.cryptotimes.io/wp-content/uploads/2024/02/image-5-3.png)
Filecoin (FIL) faced a decrease from 7.0988 to 5.44, signaling a decline of approximately -29.15%. Filecoin’s price movement reflects the challenges that altcoins are grappling with in maintaining stability and investor confidence amidst market fluctuations.
Helium (HNT)
![Helium (HNT)](https://www.cryptotimes.io/wp-content/uploads/2024/02/image-9.png)
Helium (HNT) experienced a significant downturn, dropping from 7.0622 to 5.15, marking a notable -27.02% decline. This decrease in Helium’s value may be attributed to various factors, including overall market sentiment, macroeconomic conditions, or project-specific developments.
Bitcoin SV (BSV)
![Bitcoin SV (BSV)](https://www.cryptotimes.io/wp-content/uploads/2024/02/image-7-1.png)
Bitcoin SV (BSV), a fork of Bitcoin, witnessed a considerable drop from 104.62 to 76, indicating a significant -27.03% decrease. The sell-off in Bitcoin SV is notable, especially after reaching a two-month high, potentially influenced by profit-booking strategies amid changing market dynamics.
MultiversX (EGLD)
![MultiversX (EGLD)](https://www.cryptotimes.io/wp-content/uploads/2024/02/image-6.png)
MultiversX (EGLD) observed a decline from 70.27 to 53.6, representing a significant -23.77% decrease. The downward movement in MultiversX’s price underscores the sensitivity of altcoins to various market forces and emphasizes the need for investors to adapt to changing conditions.
Fantom (FTM)
![Fantom (FTM)](https://www.cryptotimes.io/wp-content/uploads/2024/02/image-8-1.png)
Fantom (FTM) recorded a substantial decrease from 0.505 to 0.38, constituting a decline of approximately -24.75%. Fantom’s decline may be influenced by project-specific factors, market sentiment, or a combination of various elements impacting the broader crypto ecosystem.
The first week of 2024 proved challenging for several altcoins, each experiencing a significant drop of over 20%. Helium (HNT), Bitcoin SV (BSV), Filecoin (FIL), MultiversX (EGLD), and Fantom (FTM) faced substantial losses, reflecting the dynamic nature of the cryptocurrency market.
As Bitcoin teetered near the $45,000 zone, the potential for additional declines of 20 to 25%% in altcoins emphasized the importance for investors to remain vigilant and adaptable in response to evolving market conditions.
Also Read: Shiba Inu Prices Drop 25%, Long Term Holders Remain Bullish