The CoinDesk 20, a broad-based index of 20 assets, has plummeted by 13.5% in the past 24 hours, with all assets trading lower. A sharp reversal from the previous day’s performance, this decline marks a significant challenge for the cryptocurrency market.
CoinDesk 20 Performance Update: Index Plunges 13.5% as All Assets Trade Lower
The ‘a broad-based index of 20 assets’ has plummeted by 13.5% in the past 24 hours, with all assets trading lower.
CoinDesk 20 is a ranking of the top 20 cryptocurrencies by market capitalization.
It provides an overview of the largest and most influential digital assets in the cryptocurrency space.
The ranking is updated regularly to reflect changes in market value and is widely followed by investors, traders, and industry professionals.
Top Performers and Underperformers
Litecoin (LTC) was the top underperformer, declining 19.7% from Friday‘s close. Bitcoin (BTC) and ICP also fell, with BTC dropping by 8.4% and ICP losing 11.0%. On the other hand, some assets managed to hold their ground, but none of the 20 assets in the index are trading higher.
Litecoin is a peer-to-peer cryptocurrency and open-source software project.
It was created by Charlie Lee in 2011 as a spin-off of the Bitcoin protocol.
Litecoin has faster transaction processing times compared to 'Bitcoin' , with an average block time of 2.5 minutes versus 'Bitcoin's' 10 minutes.
This allows for more frequent transactions per day.
Additionally, Litecoin has a larger total supply of coins (84 million) than Bitcoin (21 million).
Index Details
The CoinDesk 20 is currently trading at 2173.26, down 338.56 from its Friday close. This significant decline marks a sharp reversal from the previous day’s performance, which saw the index rise by ‘2.1%’.
Asset Performance
The performance of individual assets in the index varies widely. LTC and SUI were the biggest losers, with LTC falling 19.7% and SUI dropping by 18.5%. ICP also underperformed, losing 11.0%, while BTC fell by 8.4%. The rest of the assets in the index traded lower, with none managing to close higher.
Market Trends
The ‘CoinDesk 20 is a widely followed index that provides a snapshot of the broader cryptocurrency market’ . Its performance can be seen as a barometer for the overall health of the industry. As such, its decline serves as a reminder of the ongoing challenges facing the market.
