Cryptocurrencies Struggle as Retail Buyers Exit Positions
At $12.4 trillion valuations, the Cryptocurrencies market continues to struggle as retail investors count their losses amidst a sustained decline in prices of digital assets. Most major digital assets were trading mixed early on Friday.
Bitcoin (BTCUSD), the largest cryptocurrency by market value, was changing hands at $30,132, down 0.3% in the past 24 hours, after swinging between a day low of $29,933 and a day high of $30,662, according to data from CoinDesk. Trading volume was at $21.77 billion, down 42%.
The most popular cryptocurrency is currently down nearly 35% since the beginning of the year, compared with an over 14% drop for the S&P 500 index and 23% for the tech-heavy Nasdaq 100 index.
Ethereum (ETHUSD), the second-largest digital asset, was trading at $1,792, up 0.2%, whereas XRP (XRPUSD), the fifth-largest, inched 0.3% higher to $0.40.
The third- and fourth-largest digital assets, Tether (USDTUSD) and USD Coin (USDC), which are stablecoins pegged to the US dollar, were trading 0.01% and 0.02% lower from their value in the past 24 hours.
Cardano (ADAUSD), the sixth-largest digital asset, decreased 1.3% to $0.64, while Solana (SOLUSD), the seventh-largest, advanced 3.3% to $40.19.
The total market capitalization of the cryptocurrency industry fell by 0.4% to $1.295 trillion over the last 24 hours, according to CoinGecko data. # Cryptocurrencies Struggle as Retail Buyers Exit Positions