RUNE, BSV, ETC, LDO Drop 20% in a Week; Future Outlook?

• Cryptocurrency market sees decline; Bitcoin, Ethereum, and altcoins drop by 20%.
• Grayscale’s $418 million Bitcoin transfer to Coinbase Prime impacts market volatility.
• THORChain (RUNE), Bitcoin SV (BSV), Ethereum Classic (ETC), Lido DAO (LDO) values plummet.

This week, the cryptocurrency market underwent a considerable decline, as leading cryptocurrencies such as Bitcoin and Ethereum witnessed substantial decreases in their worth. The downward movement also affected a range of alternative coins, namely THORChain , Bitcoin SV , Ethereum Classic , and Lido DAO , each experiencing a 20% reduction in market value over the previous seven days.

The recent volatility in the cryptocurrency market has been affected by the actions of Grayscale. The company transferred 9,840 Bitcoin, worth around $418 million, to Coinbase Prime. This transfer is among a set of operations aimed at handling ETF withdrawals, which have amounted to more than $1.7 billion in Bitcoin since January 12. Alex Thorn, who leads research at Galaxy, pointed out these substantial withdrawals and their influence on the overall market.

THORChain (RUNE)

After experiencing a phase of lateral movement in its trading pattern, the RUNE token of THORChain suffered a significant decline of 20%. This cryptocurrency, which had been exchanging hands in the range of $4.843 to $5.849, was unable to sustain its value upon reaching a peak of $6.455, resulting in a subsequent negative price trajectory.

The downturn indicates a wider negative outlook in the cryptocurrency market, with RUNE failing to hold onto its previous increases in value. Currently, at the time of reporting, RUNE is being traded at a price of $4.05, representing a decrease of 4.23% from its highest value in the past 24 hours.

Bitcoin SV (BSV)

In the past 24 hours, Bitcoin SV (BSV) has experienced a 6% drop, contributing to a total loss of 23% over the previous seven days. The current price of Bitcoin SV has decreased to $74.69, while its trading volume has exceeded $91 million. Formerly a top contender in the cryptocurrency market, Bitcoin SV has now slipped to 47th place in market capitalization, with its overall market worth approximately $1.67 billion.

Ethereum Classic (ETC)

Ethereum Classic (ETC) also felt the effects of the market’s downturn. It fluctuated in price from $20.32 to $21.94 before briefly spiking but was then pushed back down at the $32.45 mark. This pushback resulted in a 15% decrease in price, reflecting the prevalent downward trend throughout the cryptocurrency market.

During the final trading session, the ETC market experienced an increase in downward momentum as it was unable to surpass the intra-day peak of $27.64, as reported by Coinstats. At the time of reporting, ETC’s price stood at $24.14, marking a decline of 5.74% from the highest price point of the day and a 19% decrease from the highest price point of the week.

Lido DAO (LDO)

Lido DAO (LDO) has experienced volatility as well. The value of this asset, which was previously increasing and peaked at $4, started to exhibit a downward trend. Even though it had risen by 115.50% in the past three months, LDO encountered difficulty maintaining its price at around $4, suggesting that it might experience additional decreases if it falls below important support thresholds.

As a result, LDO has experienced a downward trend over the past week, dropping from a peak of $3.83. The downward trend has accelerated in the past 24 hours, pushing the price of LDO to a weekly low of $2.93, at which point it found support. Currently, LDO is trading at $3.04, representing a decrease of 3.19% in the past day and a reduction of 18% over the past week.