The top cryptocurrency, Bitcoin (BTC), fell today to a new weekly low of $21,344, following a three-day trend of unfavorable price movement. Despite a 7.69% increase in daily trading volume, Bitcoin is currently down 8.2% daily at about $21,485. The total crypto market cap has declined by 10% and hit a monthly low of $998.4 trillion.
In the past 24 hours, the price of the second largest cryptocurrency, Ethereum, has plummeted to approximately $1,728 (-6.2%). Dogecoin is among the severely hit cryptocurrency, with more than a 15% decline in the past 24 hours. Other major cryptocurrencies are also nosedived in double-digit. The notable cryptocurrencies that took the hit are XRP 9%, DOT 12%, MATIC 12%, ADA 13% and SOL 10%.
Coinmarketcap data show that ETH’s market cap has dropped to $211.5 billion, or 64.49 percent less than its all-time high price of $4,891 reached in November. According to Coinglass statistics, within the past 24 hours, 156,155 traders in the cryptocurrency market liquidated around $622 million worth of assets due to the negative price trend.
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The most liquid asset is Bitcoin at $201.3M, followed by the top 2nd biggest cryptocurrency Ethereum with $132.7M. After the CPI-induced rally, Bitcoin hit 3 months high of $25,000 and restored hope about the end of crypto winter. However, the current abrupt decline of the crypto market has again painted a bearish picture. While the reason behind this freefall is not yet ascertained, it confirms that the crypto slump is not yet over.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.