Altcoins Beam, Artificial Superintelligence Alliance, Mantra, and Arweave have all suffered double-digit losses, ranking as the top losers of the day.
Beam
The current drop in Beam is attributed to a price correction following its previous surge, which was fueled by whale accumulation. This overbought condition suggested a likely sell-off as investors moved to secure profits.
Artificial Superintelligence Alliance
Artificial Superintelligence Alliance (FET) had also dropped by 11%, being traded at $0.8236 at press time. The AI token had a daily trading volume of $146.5 million, with its market cap falling under $2.1 billion.
The latest drop in FET erased all of the gains it experienced yesterday when it jumped 12% and was trading at $0.938. The AI token had also dipped by 24% over the past week.
Mantra
Mantra (OM) had dropped 10.7%, trading at $0.95 at press time. The digital currency’s market cap has dropped to $803 million. Additionally, the 84th largest crypto asset is showing a daily trading volume of $28.5 million.
Mantra is a modular blockchain network featuring two chains, Manta Pacific and Manta Atlantic, specializing in zero-knowledge applications.
Arweave
Arweave (AR) declined 10% over the past day, trading at $20. Its daily trading volume was hovering around $46.5 million while its market cap was still standing at $1.3 billion.
Arweave is recognized for its decentralized storage solution, which operates on AI-enhanced blockchains.
Recently, co-founder Sam Williams introduced the Arweave AO protocol, a sophisticated computing framework designed to enable parallel executions for proof-of-stake computations. This protocol is aimed at meeting the increasing demands of social media and AI applications on blockchain technology.
The recent decline in these altcoins coincides with a 4% drop in Bitcoin (BTC), the largest cryptocurrency by market capitalization, over the past 24 hours, leading to $155.25 million in liquidations across the crypto market.
According to data from CoinGecko, the broader crypto market has fallen by 4.23% in the last 24 hours, bringing its total value down to $2.06 trillion.
Market sentiment in the crypto space is currently extremely fearful, driven by ongoing political conflicts, geopolitical tensions, and other macroeconomic factors contributing to increased volatility.
