The cryptocurrency market saw a massive hit today, with Bitcoin dipping further after a slight upswing early in the month at $30K. The dominant crypto and large-cap assets extended yesterday’s bearishness, trading around $27,575.48 at this publication. Bitcoin lost 6.04% within the past 24 hours.
Bitcoin trades far below its lifetime peaks near $69K, recorded in November 2021. The past 24 hours had the overall crypto trading volume at $77.1 billion. Bitcoin’s dominance stood near 45.7%, whereas Ethereum’s stood at 15.4%.
The crypto market witnessed a bloodbath today. Cardano saw a massive 10.9% crash to trade at $0.522211. Meanwhile, Solana suffered more, losing 13.6% to hover at $32.43. Dogecoin stayed at $0.066169 early Sunday, following a 12.8% decline. More Sunday losses came from Shiba Inu, Avalanche, Polygon, and Polkadot.
The crypto market has suffered losses since January this year, with all assets forming or nearing their yearly lows. The CryptoCompare’s market-cap-weighted index, tracking top-100 cryptos’ performance, lost 4.9%. That saw yearly drops at around 50%.
Bitcoin, which represents nearly half the index, dropped for the 4th consecutive day. Ethereum, which accounts for around 18%, breached the May low that followed Terra’s collapse. Popular decentralized financial coins such as Cardano and Solana suffered more.
Investors remain confident the market traverses a crypto winter, with an extended decline phase becoming popular over the years. Though the cryptocurrency market launched declines since Bitcoin’s upswing to its ATH in November 2021, the plummets intensified after UST and LUNA crashes that saw the crypto world losing billions.
Also, the digital asset space digests ugly economic news that deteriorated tech stocks. Moreover, crypto assets have recently shown an increased correlation with stocks. The United States’ Friday’s consumer data indicated accelerated inflation.
Crypto prices crash had the cumulative value of digital assets losing 7.92% within the past 24 hours, hovering around $1.10 trillion at this publication. The surged BTC dominance confirms the alt market suffered the most.
What are your thoughts about the latest crypto market crash? Should we expect quick recoveries or prepare for the worst? Feel free to share your thoughts in the section below.
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