Cryptocurrencies had to take advantage of a new political impetus, but it was the opposite that occurred. Inflation, isolationist politics, delicious markets … Find out why investors are underwater and what cryptos were the most struck.
A trying March for Crypto investors
While the expectations of the crypto community were very high following the arrival of Donald Trump as the presidency of the United States, The month of March was very disappointing.
Indeed, while a crypto golden age was expected thanks to an American government more conducive to innovation, Macroeconomic realities have largely impacted most financial markets.
Although many economic factors could explain such a situation, the war of customs tariffs led by Donald Trumptestifying to an isolationist policy, plays a preponderant role.
Moreover, job cuts aimed at reducing administrative costs that are not effective by DOGE, the organization under the aegis of Elon Musk, in no way arrang the macroeconomic situation.
Has the Bear Market of the Crypto market started?
Inflation in the United States caused by the war of customs tariffs, which is not yet fully measurable, combined with a significant unemployment increase, could be announcing a dreaded term for all investors: a recession.
In the event that this recession would occur, the crypto market would enter a much less euphoric phase than in recent months: The Bear Market.
In the past 30 days, Bitcoin has been rather resilient by recording a drop in 3.7 %while the course of Ether shows an exceptional drop in 19.8 %.
Graphic representing the evolution of the dominance of bitcoin compared to the rest of the crypto market, in weekly data
While most altcoins are correctly correct in March, Bitcoin continues to assert its position as a crypto market leader. With a dominance reaching 62.4 % in writing these lines, Bitcoin continues to represent an increasingly preponderant part as shown in the graph above.
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The 5 cryptos having suffered the most from the fall in the market
Although Bitcoin demonstrates a certain resilience in the phases of uncertainty, Altcoins, generally more volatile, are more impacted in these market phases.
In this article, we will see what are the 5 cryptocurrencies that have performed the least during the month of March, in particular PI, Hype, JUP, INJ and LTC ::
The 5 cryptos having performed the least in March
What are the hopes of gain by investing in cryptocurrencies?
5 – Litecoin (LTC): – 34 %
Litecoin is a cryptocurrency created in 2011 by Charlie Lee, former engineer of Google. Designed as a reduced cost version of Bitcoin, Litecoin offers faster transaction times, making it more suitable for daily payments.
Although the LTC course has experienced a brief Haussier rally following the election of Donald Trump, it records a mixed performance of – 34.2 % In the last 30 days.
Indeed, the initial value proposition of Litecoin seems to be no longer topical: while the stablecoins are booming, the Bitcoin posters prefer to use the Lightning Network network for their daily payments.
Nevertheless, Litecoin still remains to date among the most capitalized cryptocurrencies, in 23rd position More precisely.
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4 – Injective (INJ): – 34.6 %
Injective is a Layer 1 blockchain, built from the cosmos development kit (SDK), designed specifically for decentralized finance (DEFI).
The course of the INJ, after having experienced an important bullish rally last year, in particular by reaching A record (ATH) in March 2024 with a price of more than 52 dollars per unitis currently around 8.5 dollars. In the past 30 days, the INJ price has dropped 34.6 %.
Although these last performances could partly be awarded to the general conditions of the Crypto market, The interest of investors seems to decrease around this blockchain.
Indeed, while the blockchain is supposed to be focused on the DEFI, its total locked value (TVL) has dropped more than 26 % In the last 30 days.
Nevertheless, according to data from the terminal artemis, we can see thatInjective is one of the rare blockchains to record more inbound capital than outgoing in the past 3 months with almost Netflow $ 52 million Over this period.
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3 – Jupiter (JUP): – 36 %
Jupiter is a decentralized exchange aggregator (Dex) on the Solana blockchain. It allows you to obtain the best exchange rates at an instant t By finding the most optimized roads between different liquidity protocols. The token JUP, launched in early 2024 via a massive Airdrop, is notably used for project governance.
Although the Solana ecosystem has largely benefited from the trend around the same in 2024, Euphoria has dissipated. Indeed, while the thesis of the hypercycle of the same was based on fairer allowances towards private investors, Unscrupulous actors have entered.
This is how we have seen the same in the initiative of the President of the United States and his wife: Trump and Melania. But the drop of water too much was Libra, a same promoted by Javier Milei, president of Argentina.
These launches have been widely criticized, especially due toa strong allowance for the founders, or even of value extraction techniques injuring investors.
Are the same people really decentralized?
Although Jupiter is not directly linked to these same in particular, the whole Solana ecosystem is currently shunned by many investors.
Nevertheless, it is likely that this effect will be exaggerated. We can see that from February 25 to March 25, Jupiter recorded $ 18 million in income ::
Graph representing Jupiter's income, in monthly data
In the past 30 days, the course of the JUP has dropped 36 %.
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2 – Hyperliquid (hype): – 38 %
The hyperliquid project can be defined in two separate entities:
- Hyperliquid Dexalso called hypercour, which specializes in trading perpetual contracts;
- The hyperevm blockchain which is a second -layer network of the Ethereum blockchain.
Hyperliquid is notably known for having made a historic Airdrop to its users. Despite this growing popularity, Hyperliquid recently found itself at the heart of events that have degraded the confidence that investors in the protocol grant.
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The course of the hype has largely suffered from the many twists and turns around this saga, as evidenced by its negative performance as – 37.6 % In the last 30 days.
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1 – Network pi (PI): – 68 %
Pi Network is a crypto project launched in 2019 by graduates from the University of Stanford, aimed at make mining accessible to everyone via a mobile application.
Unlike Bitcoin, which requires significant calculation power, PI allows users, called “pioneers”, to mine PI by simply pressing a button every day, without excessive energy consumption.
The project has attracted millions of users worldwide, but has also aroused questions about its legitimacyin particular because of its sponsorship system and the delay in the launch of its Mainnet.
In the past 30 days, the PI price has dropped 68.4 %.
We invite you to discover our full study on PI in order to find out why the cryptocurrency underperforms the Crypto market.
The other cryptocurrencies that have collapsed
Our previous ranking based on the top 100 cryptocurrencies, some whose market capitalization is not high enough have not been cited.
The same Penguins Pengu and Wif lose respectively 37.4 % and 30.4 % In the last 30 days.
The Token AI16Z, of the eponymous project, linked to the narrative of artificial intelligence (AI) and more particularly of autonomous agents, records a drop in 58.7 % Over this period.
The Eigen, the native cryptocurrency of the Stuking Eigenlayer protocol, accuses a drop in 42.1 % In the last 30 days.
The Morpho Labs Morpho, a DEFI project offering Lending/Borrowing solutions (loan/loan), records a remarkable drop in 39.8 % During the month of March.
Kaito cryptocurrency, eponymous protocol, loses for its part 52.6 % In the last 30 days.
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Sources: Coingecko, Terminal Artemis
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provided a weekly fundamental analysis.
Théo Zananiri
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