- The Curve DAO token has surrendered its rally gains over the past week.
- The token is currently trading below its year-high price.
- Despite its ongoing downward slope, the crypto market is expected to recover soon.
Curve DAO (CRV), the native utility token of the Curve decentralized finance (DeFi) protocol, has experienced a notable downturn over the past month, sliding down the ranks amidst the ongoing Bitcoin-led market downturn.
The token, which previously managed to surpass the $0.5 resistance level with impressive gains, has now witnessed a series of substantial losses, plummeting from its previous highs and falling far below the $1 mark.
Curve DAO Falls Flat
According to CoinMarketCap data on April 4, CurveDAO is currently trading at $0.597, continuing the downward trend it initiated in the week’s start.
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The bearish momentum has caused the token to drop approximately 2.5% and 13.7% over the past 24 hours and seven days, respectively, positioning CurveDAO as one of the biggest losers of the ongoing downward market trend.
While Curve had previously charted an optimistic path for its potential to reach $1, the lack of immediate signs of recovery and its inability to sustain an upward trajectory. This has further raised questions about Curve’s ability to reclaim its all-time high trading price of $60.50, currently down nearly 95%.
Curve’s tumble to its trading price at press time mirrors the broader downward slope across the industry, which has seen many tokens shed their gains.
Why Is the Crypto Market Down?
The ongoing market rollercoaster has negatively impacted most assets, sinking prices to new lows following an impressive weeks-long rally.
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For Bitcoin (BTC), the crypto king’s recent underperformance aligns with expert predictions for the token to imitate patterns witnessed in the lead-up to previous Bitcoin halving cycles and face a significant price retest. Currently trading at $65,435, BTC is down approximately 11% from its all-time high trading price.
The negative trend in Bitcoin’s price has spread across the market, causing major assets to follow suit with losses.
Ethereum (ETH) has declined 19.19% from its peak price of $4,878, trading at $3,286 at press time. Others such as Cardano (ADA) and Solana (SOL) have also surrendered gains in the range of 6% to 7%, as they struggle against the broader trend.
Despite the underperformance, optimism remains high across the industry for the market to rebound, particularly in anticipation of the upcoming fourth Bitcoin halving, which is expected to catalyze a long-awaited bull run for crypto.
On the Flipside
- Curve Finance has recently unveiled a new lending protocol, Llama Lend.
- Popular meme coins such as Dogecoin (DOGE), Dogwifhat(WIF), and Pepe (PEPE) have failed to defy the negative market trend, also joining the losing train.
- The next Bitcoin halving is expected to occur on April 20, 2024.
Why This Matters
The recently concluded month of March was one of contrasts for the crypto industry, and Curve DAO’s performance underscores its vulnerability to market trends, whether positive or negative.
Read here for more details about CurveDAO’s impressive performance before the price slip:
Curve Token Notches 70% in 30 Days Amid Bitcoin-Led Rally
Discover more about the recent ‘anti-crypto’ comments by Goldman Sachs CIO:
Goldman Sachs Denies Bitcoin’s Status as an Investment Class
