In just 24 hours, the crypto market plunged to 11%. It’s been in the hole or behind and most coins (led by LUNA) have been suffering major losses such as Avalanche, ApeCoin, Solana, and Shiba Inu, to name a few.
So, what’s happening here?
It’s like a ripple or domino effect that has hit one and is now derailing the rest of the cryptocurrencies.
Not just LUNA
Following the major drop in UST stablecoin value, LUNA saw a 97% loss of its currency. Terra is not the only coin to suffer massive losses, however other coins suffered significant double-digit losses during this 24-hour period.
Suggested reading: Shiba inu Vs. Dogecoin, LUNA. Which one will survive the Crypto Carnage?| Shiba Inu Vs. Dogecoin And LUNA: Which One Will Survive The Crypto Carnage?
Altcoins In The Red
The majority of altcoins at the moment are in negative territory. It’s a major blow in the crypto space and people are trying to analyze their cards. It has plunged to 34% (or below $32), and crashed down below $28 (which is much worse than August 2021’s slump).
Even more, Solana has dropped 26% to $52 at the time of writing. Luna is Terra’s cryptocurrency. Luna experienced a huge slump of 97% below $1 after the fall USDT (the dollar stablecoin).
Source: TradingView.com| Source: TradingView.com
The ADA of Cardano also fell by 16%, or $0.56. This is a similar drop to that which occurred in February 2021. In addition, Polkadot has dropped to 24% in the last 24 hours. This is about $9.
Others tokens or meme coins can also be volatile today, such as Dogecoin at $0.087 down 23% and Shiba Inu which lost more than 27% over the last 24 hours.
ApeCoin has also been falling quickly and lost 37% of its market value in the past 24 hours, with current prices at $5.90. Now, the price is down to 85%, compared with its $39.40 winning streak since March.
Metaverse Trouble?
The metaverse is in trouble Decentralandand and The Sandbox both fell to 28%, $0.85 and 28%, respectively. These metaverse gaming tokens were selling like hotcakes especially following Facebook’s switch to Meta but are now losing out on value.
Bitcoin led the market down by 11% within 24 hours. The price dropped 6% in the span, or below $299,000, and this was a result of Bitcoin being the cryptocurrency king. Ethereum has also fallen to 8%, or $2,180.
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Featured Image from Physics World. Chart from TradingView.com
