Despite relative resilience in the price of Bitcoin after the news of the U.S. CFTC charging BitMEX, leading Ethereum-based decentralized finance coins are being crushed as of this article’s writing. No coin shows this as well as SushiSwap’s SUSHI token, a governance token for the leading decentralized exchange.
Top Ethereum-based coins crushed despite Bitcoin stability
According to CryptoSlate data, SUSHI is down over 18 percent in the past 24 hours, making it one of the worst performing digital assets in the top 100. The cryptocurrency currently trades under $1.00, which is the lowest the DeFi coin has traded since a day or two after its launch in late August.
To contextualize SUSHI’s performance, Bitcoin is up one percent in the past 24 hours while Ethereum has gained two percent over that same time frame.
The underperformance of the SushiSwap governance token comes in spite of a number of improvements coming to the decentralized exchange, which is a de-facto competitor to Uniswap at the moment.
While SUSHI has been one of the worst-hit Ethereum-based crypto assets over recent weeks, it is only one of many coins that are down over recent weeks by dozens of percent.
Crypto-asset analyst “Ceteris Paribus” recently shared the table below to his Twitter page, showing the performance of top Ethereum coins from their all-time highs (most of which were set over the past month or two) to their current price.
As can be seen, it has been a dismal performance for many cryptocurrencies. Ethereum’s loss of 28.7 percent from its year-to-date highs is brutal in and of itself, but then consider that the average token on this list has dropped over 60 percent from its all-time high.
“The strong fundamental backdrop to #crypto — which is unlike any bull market previously — is that there are billions of cryptodollars coming on-chain to use #DeFi. Unless that shows signs of slowing, we are on track for a multi-trillion dollar aggregate marketcap for the space.”
Andrew Kang, the founder of Mechanism Capital, has echoed the optimism.
Kang thinks that while the market is poised to cool off as it has over recent weeks, capital and fundamental trends show that this space still has much room to grow.