Bitcoin and Ethereum Plunge, Crypto Market Cap Drops by 11%
The crypto market took a bit of a hit recently, with Bitcoin and Ethereum both taking a sharp drop. Bitcoin’s value fell to around $92,000 following some big sell-offs, causing the overall crypto market cap to decrease by 11% in just 24 hours. Ethereum also saw a significant drop of over 20% in the past week, trading at $3,115 at the moment.
According to CoinMarketCap.com, the global crypto market cap now sits at $3.16 trillion, a nearly 11% decrease from the previous day. The total trading volume in the crypto market over the last 24 hours was about $313 billion, showing an 18% increase due to continued selling pressure. In the world of decentralized finance (DeFi), the total volume was $20.75 billion, making up 6.63% of the overall market volume.
Stable coins continue to dominate the market with a volume of $293.69 billion, which is about 93.84% of the total crypto market volume traded. Despite the crypto market decline, traditional markets like the Nasdaq 100 and S&P 500 saw slight gains in late trading. The Dow Jones Industrial Average also increased by 0.2%.
Bitcoin’s price fell by 3.7% to $96,962, with a 24-hour trading volume of $100.48 billion. Ethereum, the second-largest digital asset, dropped by 8.2% to $3,388, while XRP and BNB also saw losses of 3.7% and 4.4%, respectively.
It’s important to keep an eye on the market during times like these, as things can change quickly. Stay informed and make decisions that are right for you and your investment strategy.
