Some cryptocurrencies have managed to hold on as the total crypto market capitalization fell from $3 trillion to less than $2 trillion. There are around 18,000 cryptocurrencies and more coming in. The huge number of digital assets makes it difficult to keep track of the big movers and shakers in the crypto industry.
Here is our take on the five worst performing cryptocurrencies of the week:
1. Tezos XTZ
There has been mass adoption of Tezos by investors as it has been recognized for the blockchain’s self-amending properties. The blockchain is able to enact updates without nodes manually doing anything. NFT developers have also started to take notice of Tezos. In the last 7-days, Tezos XTZ has been down by 8.64%. However, in the last 24-hours, it has gained 10.88%. While Tezos has been among the worst-performing cryptocurrencies this week, it has more than quintupled over the past year.
2. NEAR Protocol NEAR
This layer-one blockchain intended to eliminate low transaction speeds has been down by 12.17% in the last 7-days. This blockchain had recently completed a $150 million funding round. This news signaled that NEAR is working towards getting bigger and better. Analysts believe the bear case of this token is inflationary. As such, its team is working on a token burn to deal with it.
3. Theta Network THETA
THETA has been down by nearly 15% in the last 7-days but it has gained 7.96% in the last 24-hours. Earlier this month, this altcoin outperformed the big cryptos like bitcoin and ether. According to Theta Labs, THETA is idle for staking and securing the network. The Theta Network is described as a decentralized video streaming platform. It is used for streaming excellent video quality running on the Theta blockchain.
4. VeChain VET
This blockchain has been designed to boost supply chain management and business processes. It works towards streamlining these processes and information flow for complex supply chains through distributed ledger technology (DLT). VeChain’s native cryptocurrency VET has been down by 11.05% in the last 7-days. According to VeChain’s portal, it intends to boost efficiency, traceability, and transparency as well as reduce costs.
5. Axie Infinity AXS
AXS reigns the play-2-earn (P2E) space with Axie Infinity emerging as the most popular blockchain-based game in the world. Due to the turbulence experienced by the crypto market, AXS has been down by 9.74% in the last 7-days. However, the platform is growing. It surpassed 1 million active daily players in November 2021. This has leveraged the game in the stream of triple-A gaming titles with the likes of Fifa2022, State of Decay 2, and Forza Horizon 5.
