The last full week of February saw several cryptocurrencies plunge steeply with a few such as Floki (FLOKI) bringing decent gains to investors.
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While known by many analysts as the year of recovery which has seen a rebound in crypto market prices and the crypto economy at large, the last full week of February was one of the worse in recent times.
Within the period, tradable cryptocurrencies on JPEX such as Blur (BLUR), Astar (ASTR), Curve DAO Token (CRV), Internet Computer (ICP), and Filecoin (FIL) were among the worst-performing digital currencies.
Blur (BLUR) was the worst-performing cryptocurrency during the week
BLUR, the novel token of Blur, a non-fungible token (NFT) marketplace launched in October 2022 shed 29% of its opening price at the beginning of the week on Sunday, February 19.
On that day BLUR opened at $1.18, reached a peak price of $1.38 on the same day, and tested a weekly low of $0.7676 on Saturday, February 25. BLUR closed the week on Saturday with an improved price of $0.8387. While Blur has become the most patronized NFT marketplace surpassing the likes of OpenSea, Rarible, LooksRare, and X2Y2, investor interest in its token faded out during the week.
After reaching a daily trading volume high of around $653 million, there was a decrease to a daily trading volume low of approximately $229 million.
With a 29% plunge in value, BLUR’s market cap decreased to $329 million from $473 million.
Astar (ASTR) was the second worst-performing crypto asset
ASTR is the novel token of Astar Network. This network serves as a decentralized application (dApp) hub on Polkadot and supports WebAssembly, Ethereum, and other layer two (2) solutions such as Zero Knowledge (ZK) Rollups.
After bringing enormous gains to traders and investors in the first seven weeks of 2023, ASTR has taken a step back in shedding most of the gains.
ASTR reached a weekly high of $0.1149 on its opening day on Sunday, February 19 after it opened at $0.1048. The token tested a weekly low of $0.07352 on Saturday, February 25.
ASTR trading volume reached a peak of $61 million at the start of the week and plunged to a low of $16 million during the period. The decreased investor demand which was reflected in trading volume saw a reduction of ASTR’s market capitalization from $425 million to $325 million. Within seven (7) days, ASTR increased by 25%.
Curve DAO Token (CRV) plummeted by more than 20%
As one of the most popular and used dApps in the crypto economy, Curve DAO has shed light on its novel token CRV.
Unfortunately, the CRV that brought multiple percentage gains to sophisticated and unsophisticated investors have failed to consistently brighten the portfolios of its holders.
Despite the total value locked (TVL) in Curve DAO rising by 36% year-to-date (YTD) from $3.6 billion on January 1 to about $4.9 billion on February 25, CRV descended by 21% during the last full week of the second month of the year.
CRV opened the week on Sunday, February 19 at $1.25, reached a weekly peak of $1.29 on Monday, February 20, tested a weekly low of $0.9554 on Saturday, February 25, and closed the same day with an increased price of $0.9875.
While daily investor interest remained strong during the start of the week at $130 million, it hit a downtrend, and eventually reached a minimum daily volume of roughly $57 million.
In the end, more than $100 million was wiped off CRV’s market value.
Internet Computer (ICP) continues to disappoint long-term holders
Although the entire market is struggling to survive after the crypto winter, ICP, the native asset of Internet Computer, the protocol that wants to decentralize everything on the internet has not brought gains to holders in a long time.
ICP shed 13% of its value from a market capitalization of $2.1 billion during the start of the week to $1.8 billion which has moved the project from being tagged as a medium-cap to low-cap.
ICP opened Sunday, February 19 at $7.07, increased to a weekly peak of $8.17 on the same day, saw a steep reduction in value to $5.91 on Saturday, February 26, and closed the day with an ascended price of $6.12.
Daily trading volume nosedived from $191 million as the highest to the lowest of $41 million.
Filecoin (FIL) also followed with negative returns for investors
The last cryptocurrency on JPEX that failed investors was FIL, the native asset behind Filecoin, one of the most patronized decentralized storage systems in the market today.
FIL saw a 10% reduction in its price after it closed the week with a price of $6.72 on Saturday, February 25 after opening at $7.51.
FIL reached weekly high and low prices of $9.40 and $6.38 respectively. FIL trading volume moved from a daily high of $1.7 billion to a daily low of $424 million. FIL market capitalization increased to $3.2 billion from $2.6 billion. Despite its low price, analyst David Cox at CryptoNewsZ expects FIL to reach $10 by the close of 2025 and $22 in 2030.