- The curve token has given up the majority of its rally gains.
- Curve is back to its retest price level, trading below its year-high price.
- Bitcoin and other major coins have retreated from the bullish market trend.
Since the beginning of March, the crypto market has witnessed a bullish momentum, resulting in impressive double-digit gains for several crypto assets. Curve DAO (CRV), the native token of the decentralized finance (DeFi) protocol Curve Finance, was no exception, breaking its months-long resistance to higher price levels.
However, Curve’s positive trend was short-lived, as the token quickly reversed course, slipping back into a sea of losses.
Curve Token Surrenders Gains
According to CRV’s price chart today, March 19, the token has lost 10.43% in the last 24 hours, continuing the downward trend it initiated earlier in the week.
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Presently trading at $0.607, the token is down approximately 30.2% from its year-high trading price of $0.863 during the Bitcoin-led rally. The staggering decline has dashed the previously heightened investor optimism for its ability to notch a $1 peg and edge closer to its all-time high trading price.
The decline in Curve’s price has also decreased its market capitalization, down approximately 29.2% from its year-high point of $995 million to $704 million, positioning CRV as the 135th asset by global market cap.
Curve’s divest of its rally gains aligns with the broader ongoing price retrace across the industry, led by crypto king Bitcoin.
Bitcoin Leads Market Downturn
Over the past week, Bitcoin (BTC) has taken a break from its upward trend, slipping back into its $60,000 price retest level.
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The crypto king, currently trading at $63,712, is down approximately 13% from its all-time high of $73,780, making it one of the week’s biggest rally losers. Others including Etherum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE) have followed the negative trend, down 18.2%, 21.4%, and 23.5% respectively over the past seven days.
Despite the broader underperformance, some assets have defied the trend with explosive gains. The week’s top gainers include Solana (SOL) and Avalanche (AVAX), each boasting impressive gains of 19% and 13%, respectively.
Binance Coin (BNB) also recorded a 12% increase, followed by Ripple (XRP), which pulled a brief 20% spike before relinquishing a smaller 1.5% gain.
Here’s how Curve performed before resurging with gains in the bitcoin-led rally
Curve DAO Token Dips Below $0.50 Following 7-Day Price Rally
Bitcoin suffered a dramatic 87% decline on crypto exchange BitMEX; find out more:
