Market Cap of Cryptocurrencies Declines to $1.5T
The crypto market bled due to large retail selloffs that plunged the combined value of all digital currency assets downward. Due to negative price movements on major assets, the global crypto market capitalisation printed at $1.05 trillion, a 0.05% decrease over the last day.
Data from Coinmarketcap.com showed that the total crypto market volume over the last 24 hours settled at $15.43 billion, which makes a 14.57% decrease.
It was noted that the total volume in DeFi traded printed at $2.23 billion, translating to 14.47% of the total crypto market 24-hour volume.
The volume of all stablecoins is now $12.99 billion, which is 84.18% of the total crypto market 24-hour volume. On account of the daily selloffs witnessed, Bitcoin’s dominance is currently 49.87%, a decrease of 0.01% over the day.
BTC was selling at $26,917, down by about 4% in the last seven days. Ethereum traded at $1.555 after it has lost about 5% in the last seven days.
XRP is less than $0.5 having lost about 6% of its market price in the last seven days while Solana was selling at $21.78 after a more than 7% price decline over the last seven days.
Cryptocurrency whales initiated substantial transfers of digital currencies amidst weak investor sentiments. Analysts said these transfers encompass major cryptocurrencies, including Bitcoin, Ethereum and Shiba Inu (SHIB).
According to the Whale Alert data, the whales relocated an impressive $511 million in Bitcoin. A portion of these transfers was channelled to the premier U.S.-based crypto exchange, Coinbase, while the rest took place between anonymous wallets.
Data showed that 2,740 BTC, equivalent to $73,055,868 shifted from an undisclosed wallet to Coinbase. In addition, 2,795 BTC, amounting to $75,029,955, relocated from an undisclosed wallet to Coinbase.
There was 2,807 BTC, worth $74,894,150 that was transferred from an undisclosed wallet to Coinbase and another 1,000 BTC, valued at $26,872,014 also moved from an undisclosed wallet to Coinbase.
For altcoins, Whale Alert data reveals that affluent traders shifted an estimated $238 million in Ethereum, Shiba Inu and XRP to diverse crypto exchange platforms. #Market Cap of Cryptocurrencies Declines to $1.5T Investors Stake N653bn on Nigerian Sukuk -DMO