Crypto Index Tracker: Metaverse and DeFI Hit Most In Crypto Washout
- By Bilal Hafeez and Dalvir Mandara
- 2 min read
The total crypto market cap plunged 15% over the weekend from around $2.7tn on Friday to lows of around $2.3tn. This was due to a combination of macro factors such as Omicron fears and Fed hawkishness and micro factors such as deleveraging and poor liquidity. But crypto weakness was not uniform – both our DeFI and Metaverse indices saw the largest declines of around 20% over the past seven days (Charts 1 and 2). Next it was our Smart Contract Platform Index which fell 15%. Bitcoin fell by ‘only’ 10%.
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