Avalanche, Terra, ThorChain Hit by Midweek Market Slump

Avalanche, Terra, ThorChain Hit by Midweek Market Slump

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In brief

The crypto market has cooled off a bit a most tokens edge on the red zone. Meanwhile. Avalanche, Terra, and ThorChain have posted some of the biggest losses on average.

Several major tokens from the top 100 touched on double-digit losses today amid an overall slump in the crypto market.

While most of the top cryptocurrencies dipped by just a couple of percent over the past 24 hours, LUNA, the native token of algorithmic stablecoin platform Terra, saw losses of over 10% today.

At press time, the token had begun to recover, currently trading at $26.70, down 7.1% on the day, according to crypto metrics platform CoinGecko.

The price of RUNE, the native token of decentralized liquidity network ThorChain, is similarly down by about 4%, hovering around $9.50.

Cosmos’ coin ATOM also slipped down to $18.33 today, down 2% in the past 24 hours.

Meanwhile, it looks like Avalanche’s (AVAX) price rally, which started last week, has finally come to a halt.

While the price of AVAX has more than doubled over the past week, the token dropped by over 14% today, trading at around $43.17—down from its highs of $50 yesterday.

On August 18, Avalanche’s bull run gained momentum after its developers announced a new $180 million mining incentive program for blue-chip decentralized finance (DeFi) projects.

Popular DeFi platforms Aave and Curve Finance were among the first ones to join Avalanche’s new initiative, giving a boost to its token along the way.

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