-0.6 C
December 9, 2022
Image default

Crypto market capitalization lost $ 250 billion in one day

The bear party continues to fully affect the cryptocurrency market, as the total capitalization lost another sizable chunk of $ 250 billion in one day. This occurred when BTC fell below $ 40,000, ETH fell below $ 3,000 and BNB fell below $ 400.

All red among the Altcoins

About a week ago, altcoins were celebrating with frequent maxims of all time. Ethereum was among the leaders as it violated $ 3,000 and $ 4,000 in less than seven days. The second largest cryptography continued further north and reached its last record above $ 4,400 on May 12.

However, the ever-volatile nature of the crypto market has hit and prices have started to fall. As a result, ETH lost about $ 1,500 in value, to an intraday low of $ 2,850, reached earlier today. Despite recovering some ground since then, ETH is still 25% below and below $ 3,000.

The situation with the other alts is somewhat similar. BNB, which was close to $ 700 a week ago, dropped to just over $ 390 today. Cardano (-28%), Dogecoin (-29%), Polkadot (-138%), Litecoin (-26%), Bitcoin Cash (-30%), Chainlink (-21%) and Uniswap (-31%) too are deep red.

Overview of the cryptocurrency market. Source: Quantify Crypto

As the graph above demonstrates, Polygon (MATIC) is the only currency that is being traded with the least percentage loss. The asset has risen another 10% in the past 24 hours and has reached a new ATH at more than $ 2.4 before.

Source: Cryptopotato

Related posts

Korea’s Huobi removes Monero from its platform

Aparnna Hajirnis

Ethereum transaction fees rise wildly

Anupreet Kaur

Understand how Dash is dominating Nigeria

Anupreet Kaur

Leave a Comment