23. February 2024

Cryptocurrencies Crash to New All-Time Lows: ALGO, BSV, LUNA Hit Bottom

• Several cryptocurrencies hit their all-time lows (ATL) on June 10, 2023. ALGO, BSV, LUNA, and the other 2 altcoins experience extreme oversold conditions.
• The crypto crash was predominantly initiated by the ongoing ‘SEC vs Crypto’ lawsuit.
• Five cryptocurrencies, Algorand (ALGO), Bitcoin SV (BSV), Terra (LUNA), and Flow (FLOW) experienced horrendous dips last week.

Overview of Cryptocurrency Crash

Last week, the global crypto market staged one of the wild altcoins’ bloodbaths since the Terra Luna collapse in 2022. Numerous cryptocurrencies have plunged to the bottom, hitting new all-time lows (ATL) on Saturday. The crypto crash was predominantly initiated by the ongoing ‘SEC vs Crypto’ lawsuit.

Algorand (ALGO)

Algorand (ALGO) got pinned down as the victim of the SEC’s crypto lawsuits — by getting labeled as a security. Ever since then, it displayed a bearish losing streak in the market. ALGO hit its new all-time low (ATL) on June 10 at $0.0958, as per TradingView. As a way of hinting at a possibility of recovery, ALGO’s price gained 1.85% in the last 24 hours.

Bitcoin SV (BSV)

Bitcoin SV recorded its new all-time low at $15.70 on OKX exchange as per TradingView data. At press time according to CoinMarketCap BSV traded down by 1.58%. Also its 24-hour trading volume plummeted by 43 percent.

Terra (LUNA)

. LUNA is popularly known as reborn Terra Luna now called Terra Classic(LUNC). According to TradingView LUNA has recorded its ATL at $0.5268 while Terra classic dropped to 11 months low at $0.00007337 . Hence this altcoin has declined 54 percent YTD according to CMC data while over past 24 hours it dropped 1.56%.

Flow(FLOW)

. FLOW is yet another cryptocurrency that have been marked as securities by SEC .It witnessed an alarming decrease of 31 percent last week and had recorded ATL($0 .4354 ). According to CoinMarketCap ,at press time FLOW traded down 2 percent following 24 hours loss of 2 .05 % .