Polkadot, Solana, Terra, Lead Large-Cap Losses Amid Broader Market Drop
Cryptocurrencies fall heading into the weekend following a global sell-off in risk assets.

The native tokens of layer 1 blockchains Polkadot, Solana and Terra were among the biggest losers Friday morning amid a fall in the broader cryptocurrency market, data from multiple sources shows.
The solana price drop was partly driven by a congestion problem on the Solana network on Thursday that caused its transaction-processing speed to slow down, CoinDesk reported.
Some expect solana’s decline to continue until a major support level is reached. “SOL/USD is heading toward the $145 daily support level,” said Phil Gunwhy, chief marketing officer at Solana-based lending platform Blockasset. “There is not much substantial support along the way until that mark, only the $155.5 daily level which does not look overly convincing in terms of its potential motive force.”
Meanwhile, fundamentals remain strong for large-cap altcoins polkadot and terra, which is the native token of the Luna network. Polkadot’s much-awaited “parachain” feature went live last month, allowing investors and the community to lock up DOT tokens in an auction for the tokens of other blockchains that build atop the main Polkadot blockchain.
As for Luna, according to data from tracking tool DeFi Llama, decentralized finance (DeFi) apps have locked up over $13 billion worth of LUNA and other Terra-based assets like UST on the Luna blockchain. The tokens’ fundamentals were further strengthened by a token-burning mechanism that went live in November.
Meme coins see smaller declines than layer 1 blockchains
Meme coins like dogecoin and shiba inu saw relatively smaller declines. Dogecoin fell 3.7% and shiba inu dropped 4%. Meanwhile, coins associated with Ethereum competitors Algorand and Cardano fell 4.8% and 6.2% respectively. Avalanche, the token for another layer 1 network, fell 3.4% at press time.
The tokens of popular Ethereum mainstays like decentralized exchange Uniswap (UNI) and metaverse game Axie Infinity (AXS) were among the other big losers during Asian trading hours, dropping as much 9% from Thursday highs.
The declines were primarily technically driven and followed those of bitcoin, the world’s largest cryptocurrency by market capitalization, which fell to a low of $47,440 from Thursday’s high of $50,910.
Global risk assets like bitcoin declined on Thursday morning shortly after rating agency Fitch downgraded Evergrande, a Chinese real estate conglomerate with an estimated $300 billion in obligations. Fitch said Evergrande had defaulted and wouldn’t repay its investors, sparking fears of an imminent sell-off in other markets.
Market sentiments were also dented by inflation fears, with the U.S. Federal Reserve’s plans to wind down its bond-purchase program, and by the spread of the Omicron coronavirus.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.