Crypto doom: Market crash erases $56 billion from top coins

In another volatile period driven by bearish financial news, the cryptocurrency market has faced another red week, with most projects registering meaningful losses in the last seven days, despite a few cryptocurrencies outperforming the vast majority with extraordinary gains.

Notably, the Total Crypto Market Cap index by TradingView (CRYPTOCAP: TOTAL) registered $53 billion in losses (-5%) in the last seven days from press time, on October 13.

Total crypto market cap - CRYPTOCAP: TOTAL 4-hour chart.
CRYPTOCAP: TOTAL 4-hour chart. Source: TradingView

Interestingly, Finbold gathered data from the market capitalization range over the top 10 largest cryptocurrencies, excluding stablecoins, finding noteworthy results. When measuring their highest to lowest market cap, these projects lost a total of $56.4 billion market cap.

Bitcoin (BTC) had a higher market cap of around $550 billion at the beginning of the week, just to be valued at as low as $520 billion in its worst 7-day moment. This accrued $30 billion in losses to the market leader — or minus 5.45% in a week. The other top 9 cryptocurrencies, stablecoins excluded, had similar results.

Weekly market cap losses for the largest cryptocurrencies

  1. Ethereum (ETH): $17 billion in market cap losses (-8.50%)
    1. 7-day highs: $200 billion
    2. 7-day lows: $183 billion
  2. BNB Chain (BNB): $2 billion in market cap losses (-6.06%)
    1. 7-day highs: $33 billion
    2. 7-day lows: $31 billion
  3. Ripple (XRP): $3 billion in market cap losses (-10.7%)
    1. 7-day highs: $28 billion
    2. 7-day lows: $25 billion
  4. Solana (SOL): $1.2 billion in market cap losses (-12.12%)
    1. 7-day highs: $9.9 billion
    2. 7-day lows: $8.7 billion
  5. Cardano (ADA): $0.8 billion in market cap losses (-8.60%)
    1. 7-day highs: $9.3 billion
    2. 7-day lows: $8.5 billion
  6. Dogecoin (DOGE): $0.6 billion in market cap losses (-6.89%)
    1. 7-day highs: $8.7 billion
    2. 7-day lows: $8.1 billion
  7. Tron (TRX): $0.4 billion in market cap losses (-5.06%)
    1. 7-day highs: $7.9 billion
    2. 7-day lows: $7.5 billion
  8. Toncoin (TON): $0.8 billion in market cap losses (-10.81%)
    1. 7-day highs: $7.4 billion
    2. 7-day lows: $6.6 billion
  9. Polygon (MATIC): $0.6 billion in market cap losses (-11.32%)
    1. 7-day highs: $5.3 billion
    2. 7-day lows: $4.7 billion
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TRX, BTC, and BNB were, in order, the best performers during this week’s market crash. Meanwhile, SOL, MATIC, and TON were, in order, the worst, with higher losses, adjusted by their size.

This evidences a capital migration to stablecoins and to projects in lower ranks, considering the difference among the total CRYPTOCAP index by TradingView with the top 10 performers excluding stablecoins. Particularly, Loom Network (LOOM) has surged by 500% in the last 30 days, with accumulated gains superior to 60% in this same analyzed week.

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