Siacoin and UNUS SED LEO were among the top gainers in the 24 hours, jumping 14-15%. Starknet posted the biggest losses, plunging 22%. Continued volatility highlights an uncertain crypto market amid weak sentiment and volumes.
The cryptocurrency market has seen significant price movement among both gainers and losers over the past 24 hours. According to CoinMarketCap data, Siacoin and UNUS SED LEO were among the biggest gainers, while Starknet saw the biggest losses.
Siacoin (SC) rose 14.48% to $0.01673, marking over $312 million in trading volume. UNUS SED LEO (LEO) also rose sharply, gaining 5.16% to $4.365 on over $1.5 billion in volume.
On the other hand, Starknet (STRK) tumbled 21.82% to $1,842. STRK, valued at more than $1.7 billion, changed hands amid the selloff.
Additional top gainers included Fetch.ai (FET), Stacks (STX) and TRON (TRX), which saw gains of 4-6%. Meanwhile, SATS, Conflux (CFX) and Beam (BEAM) fell between 9-10% to round out the top losers.
Volatile conditions
The large price swings highlight continued volatility in the crypto asset class amid uncertain macroeconomic conditions following the FTX collapse and the ongoing crypto winter.
Daily trading volumes have decreased in most leading cryptocurrencies over the past month. However, select altcoins like Siacoin are bucking the trend and seeing spikes in activity.
Market dominance
Bitcoin’s market dominance is 51.7%, with Ethereum having an 18% market share, according to CoinMarketCap data. The combined dominance of the two leading cryptocurrencies continues to exceed 70%.
The coming weeks may witness more volatility as the market looks for signs of recovery. But analysts expect further declines before any sustained uptrend can materialize.
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