Today, the cryptocurrency market took a huge knock, with Bitcoin falling below $30K after briefly rising earlier in the month. Today’s low price of $27,575.48 for the major cryptocurrencies and large-cap stocks is a continuation of yesterday’s downward movement. In the last twenty-four hours, the value of one bitcoin fell by 6.04 percent.
For the first time since November 2021, Bitcoin is trading below its all-time high of $69,000. The total cryptocurrency trading volume in the last 24 hours was $77.1 billion. Ethereum had a market share of 15.4 percent, compared to Bitcoin’s 45.7 percent.
Traders in the crypto market had a rough day today, with prices plummeting. Cardano’s value plummeted by 10.9 percent to $0.522211 during the course of the day. Solana, on the other hand, took a worse hit, dropping 13.6% to a price of $32.43. Following a 12.8% decrease, Dogecoin was trading at $0.066169 as of early Sunday morning. Shiba Inu, Avalanche, Polygon, and Polkadot were among the other teams to suffer Sunday defeats.
As of January, all cryptocurrencies have fallen to yearly lows or are on the verge of doing so. The CryptoCompare market-cap-weighted index, which tracks the performance of the top 100 cryptocurrencies, went down by 4.9%. Annual decreases were around 50%.
For the fourth day in a row, the Bitcoin index, which accounts for over half of the index’s value, has fallen. Ethereum, which makes up about 18% of the market, has surpassed the low set in May after Terra’s demise. In terms of decentralized financial tokens, Cardano and Solana were the worst hit.
Crypto winter is a widespread expectation among investors, who are certain that prices will fall for some time. Since Bitcoin’s rise to its all-time high in November 2021, the cryptocurrency market has begun to tumble, but the drops have exacerbated following the UST and LUNA crashes, which saw the crypto industry lose billions.
In addition, the digital asset market has digested the bad economic data that has harmed IT companies. The recent rise in the link between crypto assets and the stock market is also worth noting. Consumer prices in the United States rose more than expected last Friday, according to government statistics.
As of the time of publication, the total market capitalization of all digital assets had dropped by 7.92 percent. The rise in BTC dominance demonstrates that the alt market was the worst hit by the collapse of Bitcoin.
We want to know what you think about the recent crypto market collapse. When it comes to recovery, should we hope for the best or prepare for the worst? In the comments area below, please share your ideas.