The crypto economy has dropped considerably in value during the last five weeks, slipping 23.28% from $2.19 trillion to today’s $1.68 trillion. Both bitcoin and Ethereum are very close to falling 50% from their all-time highs of six months ago.
Bitcoin sinks lower against the US dollar, 39% down in 30 days
The digital currency markets are in red over the past few weeks due to large percentage losses on many crypto assets. The crypto currency has lost 3.6% in the past 24 hours against the U.S. Dollar. The price of Bitcoin (BTC), which was $34,279 an unit, fell to its lowest on Saturday night at 11:00 PM (ET).
BTC currently stands below $35K and has fallen 49.6% since November 10, 2021 when it hit its all-time peak ($69K). At the time of writing, BTC’s market valuation is around $662 billion, which equates to 39.4% of the $1.68 trillion crypto economy.
BTC’s most dominant trading pair today is tether (USDT) with 57.03% of all trades, followed by USD with 13.76% of today’s trades. BUSD, a stablecoin, is responsible for 7.32% in all BTC-denominated trades today. $26.7 billion of today’s $99.6 billion in global trades are all bitcoin (BTC) swaps. That means 26.8% of Sunday’s aggregate crypto trade volume derives from BTC trades. BTC’s year-to-date stats show that it is at 39.3% decline and has lost 20% against the U.S. Dollar in the last month.
Ethereum’s Value Falls Losing 20% Since Last Month
Ethereum (ETH) also lost a lot of its value recently. BTC fell to $34,279/unit on Saturday night, while ETH dropped to $2,518/unit. Ethereum (ETH), currently trading at a price of $2,600 per unit, has $17.7 million in worldwide trades, and is now exchanging for prices below $2,000. Tether (USDT) is ethereum’s top trading pair today with 59.32% of all trades. Following the USDT/ETH pair are USD pairs (9.70%), and bitcoin (8.36%) trading pairings.
Since ethereum’s all-time high six months ago at $4,878 per unit, the price has lost 47.3% from the price high. ETH still commands a dominant rating of 18.48% in the crypto economy worth $1.68 trillion. Ethereum’s market valuation is around $310.12 billion at the time of writing. Year to date statistics for Ethereum show a loss of 26.5%, while 30-day statistics indicate ETH’s decline of 20.5%.
Although bitcoin and many other digital assets are experiencing a lot of volatility this week, there have been double-digit gains in four crypto assets over the past seven days. Algorand, (ALGO), is up 33.2%; tron, (TRX), is up 32.8%; curve, (CRV), has gained 20.9% and helium, (HNT), is up 13.8%. Apecoin (APE) suffered the week’s deepest losses losing 39.7%, and cronos (CRO) shed 24.8% against the U.S. dollar this past week.
What do you think about the crypto economy’s current downward spiral? Are you optimistic that prices will rebound soon? Please comment below to let us know your thoughts on this topic.
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