Top 10 Crypto Assets Trade Lower as Market Cap Drops
The top ten leading crypto assets are trading in red Thursday as cryptocurrency market capitalisation tumbles amidst profit-taking. The market records all-around price decline across the top 10 digital assets by market valuation due to offensive selling rallies on the crypto exchange.
At the press time, the global crypto market has declined to $2.51 trillion, representing a 4.80% loss over the last day. Bitcoin, Ethereum, Binance coin, Tether and others have seen a price drop in the last 24 hours.
Data from Coinmarketcap.com shows that the total crypto market volume over the last 24 hours is $143.37 billion, which makes a 6.64% increase.
However, the total volume in DeFi is currently $17.86 billion, accounting for 12.46% of the total crypto market 24-hour volume. Meanwhile, the volume of all stable coins is now $109.04 billion, which is 76.06% of the total crypto market 24-hour volume.
Bitcoin trades at $57,794.72 after falling from $66K while the largest digital asset dominance is currently 43.51%, an increase of 0.12% over the day.
Earlier in the day, the price of Ether, the second-largest cryptocurrency dropped below the psychologically important $4,000 level for the first time since Oct. 28.
It traded at $3,969, down 17.44% from its all-time high of $4,878 that was reached just eight days ago.
Similarly, Bitcoin traded below the $57,000 level, pushing the rest of the cryptocurrency market significantly lower. The crypto king is struggling to regain bullish momentum after hitting its lifetime peak of $69,044 on Nov. 10.
After initial gains, Solana (SOL) and Shiba Inu (SHIB) are the biggest laggards among the top altcoins, dropping 12% and 15%, respectively, over the past 24 hours. Read Also: Solana to Hit New All-Time Highs in 2021, Expert Predict
Solana still ranks among the hottest cryptocurrency in the market today. SOL-USD has quickly risen to the crypto ranks with its unmatched scalability and super-fast processing speeds.
Solana has had a phenomenal run since the start of the year and doesn’t seem to be slowing down anytime soon. SOL-USD has shot up a mammoth 10,000% plus in value since the start of the year. Just last month, it grew a healthy 40% in value.
Solana’s novel Proof-of-History (PoH) mechanism makes it one of the fastest networks in the market. It can effectively execute thousands of transactions in a matter of seconds without impacting security. Its insane speed opens up a range of possibilities for the developer community and its users.
Solana’s total network value is over $13 billion, which is a testament to its rapid growth in such a short space of time.
Decentralized finance (DeFi) and NFT projects have been at the forefront for Solana, and it’s likely to become much more efficient over time as it improves upon its features.
SOL-USD’s future depends on its future innovation and efficiency, which are two key elements that it appears to be focusing on. # Top 10 Crypto Assets Trade Lower as Market Cap Drops