The cryptocurrency continued on its downhill journey on the second day of the week.
Over the past week, the cryptocurrency market had witnessed a significant drop in values across major tokens. Bitcoin, by far, the leading cryptocurrency, saw a staggering 9 per cent drop, falling from $28,500 to $25,000 on Binance. The sudden drop triggered a cascading effect throughout the crypto market, causing other major tokens, such as Litecoin (LTC) to fall by as much as 14 per cent. Overall, the market declined by 6.7 per cent.
According Sathvik Vishwanath co-founder and CEO, Unocoin, several catalysts have been pointed to as potential triggers for this sudden decline. Some of these include claims of SpaceX selling Bitcoins, unverified, of course, to China Evergreen’s bankruptcy.
On Tuesday, the global cryptocurrency market was down by 0.66 per cent to $1.04 trillion, even as the total trading volume was up by 13.66 per cent to $24.21 billion.
Shiba Inu SHIB was the most trending cryptocurrency, down by 2.63 per cent to $0.000007518. Its 24-hour trading volume was $98.10 million. SafePal SFP was the top gainer, up by 5.59 per cent to $0.5818 in the last 24 hours. Its 24-hour trading volume was $5.92 million. Astar ASTR was the top loser, down by 5.32 per cent to $0.05241 in the last 24 hours. Its 24-hour trading volume was $8.28 million.
DeFi fell 7.80 per cent to $1.89 billion, Coinmarketcap.com reported.
Bitcoin: Bitcoin was down by 0.97 per cent to $25,711.43. Its 24-hour trading volume was $10.69 billion. It is currently ranked number 1 on Coinmarketcap, based on the market cap. Bitcoin’s market dominance was at 48.26 per cent, down by 0.09 per cent over the last 24 hours.
Ethereum: Ethereum was down by 0.78 per cent to $1,623.83 from the previous day. Its 24-hour trading volume was $4.31 billion.
Tether: Tether was down by 0.03 per cent to $0.9995 in the last 24 hours. Tether’s 24-hour trading volume was $17.91 billion. It is ranked third on Coinmarketcap.
Solana (SOL) was down by 2.09 per cent to $19.27. Its 24-hour trading volume was $212.61 million.
Avalanche was trading at $9.79, down by 1.02 per cent, while its 24-hour trading volume was $89.25 million.
Cardano ADA was up by 0.33 per cent to $0.2572 from the previous day. Its 24-hour trading volume was $96.45 million.
Dogecoin (DOGE) was up by 0.80 per cent, with a 24-hour price of $0.06366.
Shiba Inu was down by 2.63 per cent to $0.000007518.
DeFi coin was trading at $0.000649, up by 0.20 per cent.
Yearn.Finance was down by 0.89 per cent to $5,381.28 over the last 24 hours, while its 24-hour trading volume was $21.58 million.