Altcoin Sectors Tumble, Wiping Out Most of Previous Week’s Gains
Summary
- The broader altcoin market weakened over the past week, with most sectors giving back the gains from the previous week.
- Over the past seven days, major sectors including DeFi, AI, Layer 2 (L2), DePIN, Social, Meme, and GameFi fell 5%% to 16%%.
- Over the past 30 days, the Privacy, AI, and Infra sectors were relatively resilient, while the Privacy sector posted gains of 32%% over 30 days and 622%% over one year.
Forecast Trend Report by Period
The altcoin market broadly weakened over the past week, with most sectors posting losses and surrendering most of the prior week’s gains, according to GSR Research.
On May 19, GSR Research analyst Slater Sontag wrote on X, formerly Twitter, that it had been “a very brutal week for altcoins.” Every sector declined, with most giving back gains from the previous week.
GSR Research data showed that over the past seven days, DeFi fell 5%, AI dropped 9%, Layer 2 lost 11%, DePIN declined 12% and Social slid 16%.
The sharpest losses came in the Social, DePIN and Layer 2 sectors. Meme coins and GameFi also remained weak, with both down 5%.
Over the past 30 days, however, the Privacy, AI and Infra sectors held up relatively well. The Privacy sector gained 32% over that period and was up 622% over the past year.
Among individual tokens, DEXE, Flare, Quant, XDC and JUST ranked among the top gainers over the past seven days. Internet Computer, Toncoin, PUMP, Jupiter and Pudgy Penguins were among the weaker performers.
GSR Research data also showed that spot trading volume remained relatively stable, while volatility increased in derivatives trading.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
