Crypto Market Declines Broadly as DeFi Sector Sinks More Than 5%
Forecast Trend Report by Period
The cryptocurrency market fell broadly, with decentralized finance tokens leading the decline as the DeFi sector dropped more than 5%.
Odaily reported on July 17, citing SoSoValue data, that major crypto sectors were mostly lower and the DeFi segment fell 5.08% over the past 24 hours.
Among major DeFi tokens, Hyperliquid slumped 10.28%. DEXE and Aave fell 4.83% and 6.12%, respectively. Beldex, however, gained 6.61%, bucking the broader market weakness.
Bitcoin fell 1.79% and traded below $64,000, while Ether lost 3.53% and slipped under $1,900.
Other sectors were also mostly weak. The Layer 2 sector fell 0.63%, though Mantle rose 3.16%. The centralized finance, or CeFi, sector lost 0.94%, while Cronos jumped 8.68% during the session.
The PayFi sector fell 2.32%, with Zcash down 6.88%. The Layer 1 sector dropped 2.41%, and Near Protocol lost 4.64%. The meme coin sector also declined 2.57%, with Bonk falling 5.70%.
Crypto sector indexes that track historical performance by segment also weakened. The ssiDeFi, ssiSocialFi and ssiAI indexes fell 5.97%, 4.24% and 3.56%, respectively.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.