The value of many cryptocurrencies fell significantly in the morning (after 12:01 EST on December 4). The crypto economy has dropped more than 16% at the time this article was written. Bitcoin’s price fell below $50K to $43,972 per one unit. The bitcoin price has climbed back up to $47K for each unit.
The Crypto Economy Value Divers
The digital currency market has lost significant value in the past 24 hours, as many billions of dollars have fled the cryptocurrency economy within hours. The cryptocurrency economy, with its 11388 coins currently in existence has lost over 16% USD. Bitcoin (BTC), which was in the $53K-per-unit region, dropped to $43.9K within the first hour Saturday morning.
BTC plunged 17.16% during the downturn, however the crypto asset recovered 7.28% in the wake of the market turmoil. BTC is now valued at $895 billion and above its $47K area. BTC (Bitcoin) prices have fallen 11.5% in seven days, but they are down by 25.2% over 30 days.
The market value of ethereum, which is second in size (ETH), has lost 13.9% over the past 24 hours. However, seven-day metrics show that ether is down only 2.2% since reaching its all time high (ATH). Dogecoin, (DOGE), was the biggest loser among top ten. It lost 21.9% over 24 hours. Polkadot (DOT) lost 21.7%.
SOL is 0.6% higher for the week but SOL fell 18.2% after the crash. XRP lost 19.8%, while cardano (ADA), fell 17.5% over the course of 24 hours. Only Binance coin (BNB), the top ten competitor, managed to avoid losses. It lost around 12.7% in the last drop.
BTC’s market dominance today is 38.4% of the crypto economy while ethereum (ETH) commands 20.2%. As of the writing of this article, Ether had a market cap of approximately $470 million. Global trade volume is currently $243.8 Billion. Stablecoin volume accounts for $147 Billion.
The stablecoin economy’s overall valuation today is $156 billion or 6.67% of the $2.32 trillion crypto economy. Despite the fact that many coins have lost significant value except for stablecoins (XEC), ecash is up 7.2%.
Today’s biggest losers include fantom (FTM) down 27.7%, and theta network (THETA), which dropped 27% during the crypto market slide.
How do you feel about the crypto market’s recent downturn? Please comment below to let us know your thoughts on this topic.
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