Markets in the red, Tron continues descend with loss of 20%

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The crypto market was mostly in the red this morning, with the majority of top 10 cryptos registering losses.

Top cryptos

Bitcoin was down around 4% at time of writing, trading below $21,000. Ethereum and XRP were down around 2%, Cardano was around 1% lower, and Solana registered small losses. The only top 10 crypto to register gains was Polkadot, up around 1%.

Cryptos outside the top 10 did not fare much better. Dogecoin and Wrapped Bitcoin are down almost 11%. Polygon has lost almost 16%.

The biggest loser, however, is Tron’s TRX token, down nearly 20% in the last 24 hours and 39% in the last 7 days. Tron’s algorithmic stablecoin USDD has lost its peg, leading some to fear it will share Terra’s fate.

Top movers

Outside the top 20, the tendency was similar, with most coins losing up to 12% of their value. Notable losers include Monero, whose price is in freefall as the Fed gets ready for another huge rate increase.

Over the past week, its token has been declining. It is currently trading for $105, its lowest point in almost two years. The token is down 15% today.

The Sandbox has shed 13% of its value. Coins with limited utility, like ApeCoin, are also suffering. APE is down 16%, as are the Graph and Waves. Quant has also lost 15%.

The biggest market victim is Nexo, down 23%. It has been in a strong bearish trend ever since the disappointing news from its competitor Celsius. According to a daily chart provided by experts, Nexo has crossed critical support at $1.33, its lowest level in nine months.

The only gainers are Kyber Network’s KNC token, which is up 7%, and Basic Attention Token (BAT), which added 2%. Kyber Network recently celebrated its 5-year anniversary in DeFi.