- Curve Token suffered from significant losses last week.
- CRV plunged to an all-time low amid a downward trend.
- The token’s recent performance reflects its overall cryptocurrency market position.
April ended on a somewhat weak note for the cryptocurrency market, evidenced by the continued price declines witnessed for most assets in recent weeks. Highly sensitive to trends, Curve DAO (CRV), the native token of the Curve ecosystem that started the year with a healthy rise in response to the previous bullish market momentum, is currently experiencing a decline and has not recorded any notable gains.
Curve DAO’s Market Issues
According to trading data from CRV on Tuesday, April 30, the token started the week with a value range of $0.423 to $0.433, continuing its somewhat lackluster performance over the past few weeks.
Curve DAO, which lost nearly 2% in the last 24 hours, is down about 7% over the past 7 days, well off its week’s high of $0.475. Curve’s decline, which lasted about 30 days, was initially triggered by the market downturn caused by the Iran-Israel conflict on April 14, which sent the token to an all-time low of $0.33.
As of press time, CRV’s price is down 43.1% from its New Year’s opening price of $0.605 and down a whopping 103.3% from its yearly high of $0.863. This supports its poor performance, which has seen it fall to 129th place in terms of global market capitalization. .
Curve’s decline, which reflects broader market performance, highlights the decline in confidence across the industry.
The cryptocurrency market has been rallying since March.
Curve Similar to DAO, other assets including Bitcoin (BTC) and Ethereum (ETH) have not had the most impressive performances over the past few weeks, consolidating weaknesses and short-term highs.
Although not as steep as Curve DAO’s decline, BTC and ETH have fallen significantly from their recent highs. BTC, which is currently trading at $63,373, is down 14.08% from its high of $73,738, and ETH is at $3,171, down 22.04% from its high of $4,066 this year.
The poor performance has raised questions about the current market position and whether this year’s expected bull market is over. This is especially true given the industry’s poor performance following the fourth Bitcoin halving, which was expected to spur an even higher surge.
Despite the bearish sentiment, some believe the market is simply following its natural cycle and could rebound in the coming weeks.
On the flip side
- Curve DAO’s recent record-breaking decline shone a light on founder Michael Egorov’s delicate lending position. He faces significant liquidation The token should continue to slide.
- The cryptocurrency market collapse due to geopolitical tensions caused CRV to fall to a low of $0.33 on April 14. occurs second time On April 19th.
- CRV’s all-time high was $60.50, recorded on August 14, 2020, the day of its launch.
Why This Matters
Cryptocurrency markets and volatility are synonymous, and Curve DAO is no stranger to crashes. While the token’s decline is consistent with broader industry performance, its inability to recover clouds prospects for a positive trajectory, calling into question the token’s potential as a top-performing altcoin.
CRV’s underperformance was evident even before the March rally. Check how many tokens you have lost.
Curve Token lost its gains and plummeted 23% in seven days.
Here’s another altcoin struggling to rebound following the April 14th cryptocurrency market crash. Read more:
SUI fails to recover 83% loss despite surge in chain activity