Bloodbath on Cryptos Exchange Floors, Market Cap Hits Low
The ongoing bloodbath on the cryptocurrency exchange floors is far from being over as market capitalisation hits low at $1.21 trillion, a 0.74% decline in the last 24-hours. This is less than half of the digital currencies’ peak valuation of more than $3 trillion.
Despite the price down, Bitcoin remains the dominant digital currency that moves the market, followed by Ethereum, ranking higher among the top ten cryptocurrencies. Trading data shows that most major digital assets have declined in the low to high single-digit percentage range.
Bitcoin (BTCUSD), the largest cryptocurrency by market value, fell 0.57% in the past 24 hours to $28,990, according to data from CoinMarketCap.com. Trading volume was at $28.583 billion.
The recent drop expanded the oldest cryptocurrency’s year-to-date loss near 40%, compared with 23% and 13% for the tech-heavy Nasdaq 100 index and the S&P 500 index.
Ethereum (ETHUSD), the second-largest digital asset, tumbled 7.6% to $1,723 after touching a 2022 intraday low of $1,722, CoinMarketCap data show. However, the price has inched up to $1,780 amidst a seesaw price movement.
XRP (XRPUSD), the fifth-largest digital asset, fell 4% to $0.3852, whereas Solana (SOLUSD), the sixth-largest, skidded 8.6% to $40.93 but picked up to $42.06 at the press time.
The third- and fourth-largest digital assets, Tether (USDTUSD) and USD Coin (USDC), which are stablecoins pegged to the US dollar, were trading 0.02% and 0.01% lower from their value in the past 24 hours.
LUNA (LUNAUSD), the 18th-largest digital asset, was the day’s biggest loser on the CoinDesk list with a 17% decline.
The cryptocurrency industry’s total market capitalization dropped nearly 5% in the past 24 hours to $1.234 trillion, down from an all-time high of $3.081 trillion on Nov. 8, according to CoinGecko data. READ: Nigerian Exchange in Bloodbath as ‘Big Names’ Drive Losses
Retail and corporate investors have lost a fortune but the downside provides an opportunity for big-ticket investors to dilute losses. On the other hand, some investors are counting losses as the market fails to reverberate. # Bloodbath on Cryptos Exchange Floors, Market Cap Hits Low