Cryptocurrencies are facing chin music this festive season. Bitcoin faces a plunge of 52%. It experienced a total depreciation of 70% in its value after hovering at its best of approx. $69000 in November. The whole crypto market is swinging in the same cradle. The cryptocurrency market capitalization dropped below $ 1 trillion from its peak of $ 3 trillion.
Other sectors too are feeling such volatility impacting the investor’s confidence. The S&P 500 Index fell into the bear market territory- demonstrating a loss of about 20% from its recent high. Bonds- often considered a safe haven for investors- too bore the brunt of crypto sliding leaving the investors vulnerable in volatile conditions.
Bitcoin saw a rise of .04 percent in the last 24 hrs where it was trading at @21,114.64 at 4.30 PM IST. However, its dominance took a hit of .11 percent in the last 24 hours. A similar instance occurred with Ethereum (ETH) which went down by 1.23 percent. Binance Coin (BNB) went up by 1.01%, Solano (SOL) saw a hike of 1.98 percent and Cardano saw a rise of 1.25 percent.
Meme coins experienced similar volatility where Dogecoin went up by 2.70 percent, on the other hand, Shiba Inu went up by 1.55 %. Samoyedcoin experienced a rise by .53 percent while Dogelon witnessed a rise of 2.56 percent.
The abrupt decline in the cryptocurrency market impacted the performance of the top 72 out of 100 tokens. CoinGecko revealed that the current situation tolled the crypto market with a drop of more than 90 percent.
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Bitcoin suffered a drop of 30 percent in the previous seven days. In the current scenario, it is trading at 70 percent less than its all-time high price. Ether suffered a similar blow. The second-largest cryptocurrency has come down by 78 percent from its peak. As per market reports, this downfall has witnessed a depreciation of more than 90% in the values of the top-performing cryptocurrencies.
Binance Coin, Cardano, and Solana experienced a downfall of 68-88 percent. Reports revealed an average loss of 87.1 percent in the performance of the top 20 coins. Bitcoin’s market cap fell from Approx $800 billion to approx $400 billion in the same phase. The community and the cryptocurrency industry bore the impact of the bear market as a whole. Coinbase revealed laying off 18 percent of its workforce due to these losses and down slumps. Tyler and Cameron Winkelvoss, bitcoin billionaires term this phase as “crypto winter” as it is proving to be a period of stasis.
Also Read: Ethereum Merge
The current socio-economic combined with the geopolitical crisis have added to the chaos. All nooks and corners of cryptocurrency are looking out for new business opportunities to enhance their level of efficiency, the industry is looking forward to embarking on a new technological revolution in the retail industry to overcome these random losses suffered previously.
The global cryptocurrency market suffered a decline of .14 percent and the total crypto market volume experience a loss of 29077 percent. In such adverse times, Srin Lab Tokens (SRN) turned out to be the biggest gainer where it was trading at $.0204. on the other hand, Etherstone (ETHS) suffered maximum loss as it fell by 100 percent where it was trading at $.000000137.
Also Read: BTC, ETC Hit With Losses as Overall Crypto Market Cap
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