The cryptocurrency market has taken another hit this week, with nearly all major coins experiencing significant price drops. The recent downturn has left investors on edge, with many speculating about the causes behind the broad market decline. Bitcoin and Ethereum, the two leading cryptocurrencies, led the charge, falling by 4.4% and 4% respectively. This trend of broad market downturns has been ongoing, with only a few coins managing to buck the trend.

One such outlier was Toncoin (TON), which defied the bearish sentiment and surged by an impressive 12%. This comes after a week where most coins saw gains, with TON being a notable exception. This back-and-forth performance has made TON a bit of an enigma in the market, with some speculating about the reasons behind its volatility.

Ripple (XRP) managed to eke out a small win this week, with a meager 0.15% gain. This is a far cry from the double-digit gains seen by TON, but it’s the only other cryptocurrency that managed to stay afloat amidst the falling tide.

On the losing side, Binance Coin (BNB) and Shiba Inu (SHIB) took the biggest hits, dropping by 11.3% and 11% respectively. Solana (SOL) wasn’t far behind, experiencing a 9.4% decline. Dogecoin (DOGE) and Avalanche (AVAX) also saw significant losses, both falling by 7%. Cardano (ADA) completed the list of major losers with a 5.7% drop.

The reasons behind the broader market downturn are still being debated. Some analysts point to concerns about increasing regulation, while others cite profit-taking after a strong rally earlier this year. Regardless of the cause, the current trend highlights the inherent volatility of the cryptocurrency market.