Other crypto currencies including XRP, Tether, Solana, BNB, Stellar, Litecoin, Polygon, Uniswap and Tron also declined, however, ApeCoin gained marginally
World’s largest and most popular cryptocurrency Bitcoin plunged more than 2% and was trading at $20,610. The global cryptocurrency market cap today was below $1 trillion, and was down more than 3% in the last 24 hours to $964 billion, according to CoinGecko.
On the other hand, Ethereum fell more than 3% at $1,175. Meanwhile, dogecoin today dropped more than 7% to $0.07 whereas Shiba Inu slumped more than 6% to $0.000011.
The volume of Ethereum in 24 hours was $12 billion, while its market cap stood at $142 billion. The dominance of Ethereum in the global cryptocurrency market settled at 14.8 percent.
After rallying in their values, both dogecoin and Shiba Inu fell flat in the last 24 hours. The market cap of dogecoin zoomed to around $8.5 billion, while Shiba Inu was around $6.3 billion.
Other crypto currencies including XRP, Tether, Solana, BNB, Stellar, Litecoin, Polygon, Uniswap and Tron also declined, however, ApeCoin gained marginally.
Cryptocurrencies have suffered this year amid Federal Reserve rate hikes and stubbornly high inflation.
After crypto’s last two-year hibernation ended in 2020, the sector spiked to around $3 trillion in total assets last November, before plunging to less than $1 trillion.
Cryptocurrencies had been moving for months in the same direction as stocks as investor appetite for risk assets ebbed on growing fears about an economic downturn.
Coinbase Global Inc., Crypto.com, Gemini Trust and BlockFi Inc. are among the crypto companies to have announced swaths of layoffs, citing the general macroeconomic downturn for derailing their previously ever-expanding plans. The collapse of the Terra/Luna ecosystem and continued concern about hedge fund Three Arrows Capital Ltd. have further rattled investors.