- The Curve Token has struggled with significant losses in the past week.
- CRV plummeted to a new all-time low during its downward trend.
- The token’s recent performance mirrors the overall crypto market position.
April is closing on a rather bearish note for the crypto market, evidenced by the ongoing price slip witnessed across most assets in recent weeks. Highly sensitive to the trend, Curve DAO (CRV), the native token of the Curve ecosystem, which saw the year start with healthy gains in response to the past upward market momentum, is currently suffering a decline, unable to notch any notable gains.
Curve DAO’s Market Woes
According to CRV’s trading data on Tuesday, April 30, the token kicked off the week with a value range of $0.423 to $0.433, continuing the rather sluggish performance displayed over the past weeks.
With a near 2% loss in the last 24 hours, Curve DAO has shed approximately 7% in the last seven days, falling sharply from its week-high price of $0.475. Curve’s decline, which has lasted approximately 30 days, was first triggered by the Iran-Israel clash-linked market downturn on April 14, which drove the token to a record low of $0.33.
At press time, CRV’s price marks a 43.1% decline from its new year’s opening value of $0.605 and a staggering 103.3% fall from its year-high value of $0.863, underscoring the underperformance that resulted in its drop to the 129th position by global market cap.
Mirroring the broader market performance, Curve’s decline spotlights the waning confidence across the industry.
Crypto Market Takes a Tumble Post-March Rally
Like Curve DAO, other assets, including Bitcoin (BTC) and Ethereum (ETH), have not had the most impressive performance in the past weeks, consolidating across weak points and short-lived highs.
While not as steep as Curve DAO’s decline, BTC and ETH have seen significant drops from their recent peaks. BTC, currently trading at $63,373, has fallen 14.08% from its peak of $73,738, while ETH, valued at $3,171, has dropped 22.04% from its year high of $4,066.
The underperformance has raised questions over the present market position and whether the year’s anticipated bull run has ended, particularly given the industry’s underperformance since the fourth Bitcoin halving that was expected to catalyze an even higher surge.
Despite the bearish sentiment, some believe the market is simply following its natural cycle and could rebound in the coming weeks.
On the Flipside
- Curve DAO’s recent record-low crash has spotlighted the delicate lending positions of its founder, Michael Egorov, and the significant liquidation he faces should the token continue to slip.
- The geopolitical tension-linked crypto market crash, which sent CRV to its record $0.33 low on April 14th, occurred a second time on April 19.
- CRV’s all-time high is $60.50, recorded on its launch date, August 14, 2020.
Why This Matters
The crypto market and volatility are synonymous, and Curve DAO is no stranger to crashes. While its decline aligns with the broader industry’s performance, its inability to recover clouds the outlook for a positive trajectory, questioning the token’s potential as a top-performing altcoin.
CRV’s underperformance was evident even before the March rally. Find out how much the token lost:
Curve Token Plummets 23% in 7 Days as It Loses Rally Gains
Here’s another altcoin that has struggled to rebound since the April 14 crypto market crash; read more:
SUI Fails To Recover 83% Loss Despite Surging Chain Activity
