Cryptocurrency Market Cap Tumbles in Fresh Blood Bath
Cryptocurrency market capitalisation has tumbled 22% to $1.61 trillion amidst a fresh blood bath from strong profit-taking that has persisted in digital assets trading. Bitcoin has suffered setbacks as the price is enjoying a rapid downward movement.
According to market data, major digital asset prices have plunged, thus dragging market valuation lower, though some buying interests were spotted mid-day.
Data shows that total crypto market volume over the last 24 hours settled at $379.13B, which makes a 103.63% increase. This comes in contrast with the total volume in DeFi is currently at $34.42B, 9.08% of the total crypto market 24-hour volume.
Also, the volume of all stable coins is now $316.83B, which is 83.57% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 43.69%, an increase of 4.41% over the day.
Today, crypto markets are bleeding red as a deep sell-off tanked prices across the board. While Bitcoin FUD has been dominating headlines, it was alts that suffered most.
The total crypto market cap fell 32%, losing some $600 billion at its lowest point Wednesday. Although late lunchtime saw a relief rally kick in, fears over further downside continue to dominate sentiment.
During the peak of the panic selling, all alts were deep in the red, nursing losses of between 25%-45%. At one point, Ethereum could be bought for $2k, while Cardano dipped briefly to $1.05.
If the dollar losses weren’t enough to contend with, alts suffered a double whammy as Bitcoin dominance spiked as high as 45.85 before retracing. Meaning, the value of altcoins quantified.
As crypto traders endure Bitcoin’s plunge to nearly $30,000, Tron Chief Executive and founder Justin Sun says he bought a large amount of the leading cryptocurrency – under $40,000.
Sun tweeted, “I have bought 4145 Bitcoin with $152,818,183 at average price $36,868.”
Sun joins industry leader Michael Saylor of MicroStrategy who announced on Tuesday that his company purchased another $10 million in Bitcoin amid the market sell-off that has pushed the price of Bitcoin to January levels.
“MicroStrategy has purchased an additional 229 Bitcoins for $10.0 million in cash at an average price of ~$43,663 per Bitcoin. As of 5/18/2021, we hodl ~92,079 Bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per Bitcoin.”
Exactly a week ago, Bitcoin was trading at $53,953. Its price decline began amid reports that tech entrepreneur, Tesla CEO and Bitcoin supporter Elon Musk were potentially reversing course and dumping Tesla’s BTC holdings.
Again, concerns about China’s restrictions on crypto, Bitcoin mining, and its impact on the environment have also triggered ongoing debates about the cryptocurrency’s long-term viability.
The king coin has taken traders and investors on a bumpy rollercoaster ride with intense swings all week, dipping to a 24-hour low of $30,681 and a high of $43,609, according CoinMarketCap. It is trading at $32,247, down 14.12%, at time of writing.
Cryptocurrency Market Cap Tumbles in Fresh Blood Bath
