Prices of Major Cryptocurrencies Retreat, Market Cap Tracks Lower
Again, the market capitalisation of cryptocurrencies fell below $1 trillion following weak corporate and retail investors’ sentiment. Top digital assets were seen giving up early gain amidst global economic pressures.
Data from coinmarketcap.com shows that most major digital assets logged losses in the mid-to-high single-digit percentage range as of Tuesday late afternoon, along with US equity markets.
Bitcoin (BTC-USD), the largest cryptocurrency by market value, continued its decline for the fifth consecutive day, falling 3.7% in the past 24 hours to $20,906, according to CoinDesk data. Trading volume was at $33.86 billion, up 25%.
The recent slump expanded the oldest cryptocurrency’s 2022 loss to 55%, compared with 26% for the tech-heavy Nasdaq 100 index and 18% for the S&P 500 index. Ethereum (ETH-USD), the second-largest digital asset, retreated for a third day, skidding nearly 8% to $1,364.
XRP (XRP-USD), Solana (SOL-USD), and Cardano (ADA-USD), the fifth-, sixth- and seventh-largest digital assets, were trading off 3.6%, 7.2%, and 6%, respectively.
The day’s top loser on the CoinDesk list was Polygon (UNI-USD), the 12th-largest digital asset, sliding more than 9%. The overall market capitalization of the cryptocurrency industry fell 5.4% in the past 24 hours to $996 billion, according to CoinGecko data.
#Prices of Major Cryptocurrencies Retreat, Market Cap Tracks Lower