Bitcoin Retreats, Year to Date Loss Stretches to 51%
Amidst a seesaw price movement across crypto exchanges, major digital assets retreated in the low to mid single digit percentage range as of Thursday late afternoon, trading data tracked by MarketForces Africa analysts show.
The oldest in the bucket, Bitcoin (BTC-USD) which is also the largest cryptocurrency by market value, fell 4.1% in the past 24 hours to $22,543, according to trading data. At the press time, trading volume was at $25.53 billion, down 2%.
Analysts said the recent decline expanded the most popular cryptocurrency’s year-to-date slump to 51%, compared with 19% for the Nasdaq 100 index and 13% for the S&P 500 index.
Ethereum (ETH-USD), the second-largest digital asset, dropped 3.7% to $1,599, whereas XRP (XRP-USD), the fifth-largest, decreased 2.3% to $0.37. READ: CBN to Keep Rates as Output Gap Remains Widened – Analysts
The third- and fourth-largest digital assets, Tether (USDT-USD) and USD Coin (USDC-USD), which are stablecoins pegged to the US dollar, were trading 0.5% and 0.4% lower from their value in the past 24 hours.
Solana (SOL-USD) and Cardano (ADA-USD), the sixth- and seventh-largest digital assets, slid 3.9% and 2.8%, respectively. The day’s top loser on the CoinDesk list was Polkadot (DOT-USD), the 10th-largest digital asset, falling more than 4%.
The overall market capitalization of the cryptocurrency industry slipped 2.7% in the past 24 hours to $1.104 trillion, according to CoinGecko data. # Bitcoin Retreats, Year to Date Loss Stretches to 51%