A list of the biggest crypto losers of the year so far offers an insight into some of the cryptocurrencies experiencing the biggest issues this year. Overall, 2023 has been far from a lucrative year for cryptocurrencies, with some major names approaching the “top losers” status.
The world’s most popular cryptocurrency, Bitcoin (BTC) lost over 50% of its value by the time June arrived and dropped beneath its $20,000 support level. Other major currencies such as Ethereum (ETH) lost approximately 70% of its value during 2023.
While many companies experienced significant losses in the last year, some have fared worse than most. Here’s your guide to the biggest losers in cryptocurrency in 2023 so far.
The Top Crypto Losers in 2023 (So Far)
A significant number of the top cryptocurrency losses this year have been linked to Exchange Traded Funds. The $63 million Global X blockchain lost around 64% of its value by the close of August 2023, and many other vendors are also struggling.
Though crypto-linked ETFs have gained popularity in recent years, experts believe unrest in the market has led to a number of losses. Even cryptocurrency exchange platforms like Coinbase have seen drops of around 79.6% in market value over the year.
According to Coincodex, a tracker of some of the trending gainers and losers in crypto, 61% of cryptocurrencies are experiencing negative movement as of October 2023.
The worst performing crypto losers of the year to date include:
10. SUSHI (-88.51% reduction)
SUSHI is the governance token of a DeFi protocol forked from Uniswap for SushiSwap. It’s also one of the top losers today. At the beginning of the year, the token was valued at $9.17, whereas as of October 2023, it’s now worth around $1.10336. It’s value is also more than 95% lower than its all-time high trading price.
9. CVX (-88.54% reduction)
Created by Convex Value, the CVX coin allows liquidity providers to earn trading fees and claim CRV boosts without locking CRV themselves. The coin previously outperformed both Bitcoin and Ethereum, but has lost over 88% of its value this year. The coin started the year with a value of $54.23 and has since dropped to $5.19.
8. KDA (-89.08% reduction)
Otherwise known as Kadena, the KDA token is among the top loser coin options listed this year. This coin belongs to a blockchain with a braided, high-throughput Proof of Work system, running Chainweb. In January 2023, the coin was worth $12.24, and its value as of October 2023 has dipped to $1.407247.
7. FTM (-86.91% reduction)
Fantom, or FTM is a token belonging to a next-generation blockchain solution. The company behind the technology claims it’s the world’s first DAG based smart contract system. At the start of the year, FTM tokens were trading at $2.44 each. The price rose slightly throughout January to $3.36, before dropping to only $0.228661 as of October 2023.
6. AMP (-89.98% reduction)
AMP has emerged as one of the biggest crypto losers 2023 has created so far. This digital collateral token exists on the Ethereum blockchain, and is used to facilitate value transfers. In January 2023, the token reached a value of $0.55503, before dropping to approximately $0.004964 by October.
5. GALA (-91.21% reduction)
GALA is a coin designed for the new age of gaming, and powers the Gala Games ecosystem. Despite a strong background in decentralized gaming, and a low inflation rate, the GALA coin has emerged as one of the major loser coins in 2023. At the beginning of the year, it was trading at around $0.462875, and is now trading at $0.041096.
4. ONE (-91.41% reduction)
Known as the “Harmony” coin by collectors, ONE, is the token of the Harmony protocol, which aims to scale blockchain transactions for lower latency and increased speed. In January 2023 the coin had a value of 0.37809, and is now trading at $0.019988.
3. GLMR (-95.79% reduction)
Otherwise known as Moonbeam, the GLMR coin is one of the major market losers in cryptocurrency right now. Moonbeam leverages Ethereum and Polkadot technology as part of the Polkadot network. At the beginning of January 2023, it was trading at a value of $15.35. In October, this value has dropped to $0.471000.
2. USTC (-96.90% reduction)
TerraClassicUSD, or USTC is an algorithmic stablecoin intended to track the price of the US Dollar, built on the Terra blockchain. At the start of the year, it was trading at a value of $1 and has since dropped to $0.031066.
1. LUNC (-100% reduction)
The Terra Classic coin, LUNC, belongs to the blockchain platform launched in 2019, for the development of algorithmic stablecoins. The system has since come under extreme market pressure, preventing stablecoins from maintaining their intended value. The token has dropped from a value of $1 at the start of the year to $0.000311 today.
The Takeaway
Terra Classic or LUNC has emerged as the biggest loser coin in the crypto landscape this year, due to the extreme market pressure placed on stablecoins in 2023. However, various other well-known coins have experienced massive losses including the SAND coin for sandbox (-85.77%), the NFT coin (-81.32%), and even SOL (Solana) (-80.58%).
At this time, with so many cryptocurrencies experiencing losses, the issues facing major crypto innovators are likely to continue.
