Cryptocurrencies Bleed, Market Cap Falls to $975bn, Investors Exit

Cryptocurrencies Bleed, Market Cap Falls to $975bn, Investors Exit

Selling rallies in the cryptocurrencies market dragged digital assets valuation below $980 billion on Monday. The top ten crypto assets were priced down heavily as investors continue to take money out.

It is a bloodbath, and recovery may be slower than initially anticipated, a Nigerian-based crypto expert told MarketForces Africa, saying that the dip provides an opportunity to buy cryptocurrencies at a cheaper rate.

“It is quite an unusual price movement – with top largest cryptocurrencies bleeding heavily in sporadic selling shots”.  Trading at $23,300, the oldest digital asset, Bitcoin, after falling by 26% in the last seven trading sessions. Ethereum, the second priciest digital asset was trading at $1, 244, after it has lost more than 33% in the last seven days.

In the top ten rankings, the level of the decline of cryptocurrencies ranges from 20% and 33%. Earlier today, the global crypto market cap has tumbled to $970.18 billion, a 14.03% decrease over the last day. The total crypto market volume over the last 24 hours is $145.91 billion, which makes a 84.90% increase.

According to Coinmarketcap.com, the total volume in DeFi printed at $10.57 billion, translating to a 7.24% of the total crypto market 24-hour volume amidst declining prices movement.

Meanwhile, the volume of all stable coins had settled at $129.78 billion, which is 88.95% of the total crypto market 24-hour volume. Bitcoin’s price had printed at $23,496.62 with 46.19% dominance, representing a decrease of 1.21% over the day.

Investors continue to lose money amidst pressures in the cryptos assets trading in the second quarter, there had been moderate recovery earlier but low sentiment continues to force the market to give up gains. READ: Market Movers Valuations Unaltered as Stocks Bleed# Cryptocurrencies Bleed, Market Cap Falls to $975bn, Investors Exit