The cryptocurrency market faced significant challenges last week, with notable fluctuations in major cryptocurrencies. While Bitcoin experienced a slight decline, Ethereum managed to see a modest increase amidst a backdrop of market turmoil.

Major cryptocurrencies encountered substantial losses, particularly:

• Solana: down 13.57%
• Dogecoin: down 12.50%

This downturn was largely attributed to a $1.4 billion hack on the Bybit exchange, which was linked to state-backed actors from North Korea, adversely affecting market sentiment. In contrast, several lesser-known cryptocurrencies achieved remarkable gains, including:

• IP (native token of the Layer-1 blockchain Story): up 138%, reaching a peak value of $7.11
• S (native token of Sonic): up 58%
• MKR (Ethereum-based token of the Maker protocol): up 53%

Overall, the total cryptocurrency market capitalization saw a decrease of 1.8%, settling at $3.13 trillion.

📎 Related coverage from: benzinga.com