Radix (XRD) down 11% in one day due to slowing altcoin market.

With decentralized finance (DeFi) gaining more traction, Radix (XRD) is touted to be one of the pioneers of this technological shift. It is a blockchain platform that enables the development of innovative DeFi applications.

XRD, Radix’s native token, is one of the worst performers in the market today, recording an 11% loss in the past 24 hours. However, it is worth noting that the general altcoin market is in red today, as most assets are currently in a slight decline.

Radix Experiences Recorrection Following Recent Price Rally

The price performance of Radix has been largely positive in 2023. In April, the XRD token reached its yearly peak – so far – at $0.139530. However, the cryptocurrency is currently on a 45% price decline, resulting from its slump in April and May.

Related Reading: Bitcoin Miners Send 315% Of Daily Revenue To Exchanges Recording High Interaction

That said, the Radix market has been showing signs of recovery in June, gaining over 7% in the last 30 days. On June 15, the XRD price found support at the $0.055136 level before commencing its recent bullish run.

According to data from CoinGecko, the token has surged by more than 33% in the past two weeks. However, the token’s price appears to be experiencing a price recorrection at the moment, losing nearly 11% of its value in the past day.

As of this writing, the Radix token is trading at $0.076715, with a 24-hour trading volume of over $5 million. Additionally, the XRD token boasts a market cap of $775.4 million and ranks as the 53rd largest cryptocurrency in the market.

XRDUSD trading at $0.075202 | Source: XRDUSD chart from TradingView

Whether XRD will resume its bullish trajectory remains to be seen. According to the price prediction site CoinCodex, Radix is expected to rise by more than 31% and cross the $0.1 price point in the next month.

The General Altcoin Market Suffers Slight Decline

The Radix token is not the only altcoin experiencing a price dip at the moment. Generally, the altcoin market is currently on a decline, with most tokens registering slight losses in the past 24 hours.

BNB, for example, has lost 3.2% of its value in the past day. XRP, ADA, and the popular meme coin DOGE are among the other top 10 cryptocurrencies in the red today. As of this writing, the altcoin market cap stands at around $321 billion, representing a nearly 2% drop in the last day.

The altcoin market cap at $322.1 billion | Source: TOTAL3 chart from TradingView

A broader look at the market shows that altcoins are 20% below their April high. According to crypto analyst Benjamin Cowen, this demonstrates that altcoins (collectively) offer more risk than reward when compared to Bitcoin.

That said, some major tokens, such as Stellar (XLM) and Kaspa (KAS) are doing well in the market today, with gains of 5% and 3.5%, respectively.

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