The cryptocurrency market is cyclical. In 2024, with new narratives such as Artificial Intelligence (AI) and meme coins dominating, many Layer 1 tokens saw their prices fall.

Data on Layer 1 tokens shows that there has been a significant drop in their prices in this cycle, losing over 75 percent of their value.

The cryptocurrency market is cyclical. In 2024, with new narratives such as Artificial Intelligence (AI) and meme coins dominating, many Layer 1 tokens saw their prices fall. Data on Layer 1 tokens shows that there has been a significant drop in their prices in this cycle, losing over 75 percent of their value. One analyst highlights 5 cryptocurrencies, labeling them as “dead coins”!

These cryptocurrencies have not recovered from a drop of over 75%!

Tezos (XTZ), IOTA (IOTA), Klaytn (KLAY), Algorand (ALGO) and EOS.IO (EOS) are among the Tier-1 cryptocurrencies. Each of these Tier-1 tokens has seen their prices drop by over 75% in the ongoing cryptocurrency cycle. On his X account, analyst DeFiIgnas alias DeFiIgnas pointed out to his followers the price declines of these assets. In this context, the analyst asks whether these are “dead coins”.

1/3 L1s with no recovery this cycle:

• XTZ: -75%

• IOTA: -82%

• KLAY: -84%

• ALGO: -85%

• EOS: -87%

Abysmal performance. Dead coins? pic.twitter.com/JyPs5aarOb

Tier 1 projects announced changes to their strategies, new applications and development plans. However, they failed to catalyze gains. IOTA’s move towards a Tier 2 blockchain or a scaling solution did not positively impact the asset’s price. The EOS Foundation is engaged in a legal battle with Block.one, a firm that collects EOS funds and allegedly misappropriates it.

Algorand recently launched LiquidAuth. It has also strengthened its commitment to web3 with a series of partnerships with T-Hub, Nasscom and TiE in India. However, the developments hindered the token’s recovery and prolonged the token’s decline. As you have been following on Kriptokoin.com, USD Tether (USDT) recently withdrew its support for ALGO and EOS. It remains to be seen whether the tokens will rebound in the ongoing cycle or lose more mindshare and business activity to newer narratives.

Total Market Capitalization Rising

The total crypto market capitalization increased by $71 billion in the last 24 hours as the market recovered over the weekend. The TOTAL currently stands at $2.27 trillion and is getting closer to turning $2.29 trillion into a support base.

Positive clues can also be seen in the Moving Average Convergence Divergence (MACD). MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. Analyzing the convergence and divergence of these moving averages helps identify potential buy and sell signals. According to analysts, the bullish crossover after almost a month is a bullish indicator that TOTAL can sustain this growth.

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