Crypto market loses $80 billion in a day as the price of flagship currency drops below $50k. The market cap of the crypto market dropped from $2.394 trillion to $2.311 in a day, according to CoinMarketCap.
Flagship currency is consolidating for the last two weeks as the price of the asset hovers around $50k. The price of the primary coin has a huge impact on all other assets. Even though BTC is up by 1.18% from the previous week but it has dropped below critical $50k. With a market capitalization of $931 billion, Bitcoin has exchanging hands at the price of $49,166. This drop in the price of BTC has impacted the whole market.
Crypto market loses $80 billion in a day:
The Crypto market loses $80 billion in a day, according to a crypto aggregation website, CoinMarketCap. The crypto economy has shrunk by 3.28% following the drop of the market cap from $2.304 trillion to $2.311 trillion. Despite a decline in total market capitalization, the entire volume of the crypto market has increased by 34.09 %, totaling $99.45 billion. The total volume of DeFi is $17.76 billion.
With the price of Ethereum, the second-largest digital currency by market capitalization, currently trading below $4,000 at $3,905, it has fallen 3.78 percent in the past 24 hours and 2.87 percent over the previous seven days, bringing its market value to $463 billion. As the crypto market losses $80 billion, the top ten digital assets in the market are trading in the red. BTC still has the authority and the impact on the crypto market.
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