In the past 24 hours, the global cryptocurrency market experienced a collective setback, with the overall market cap shrinking by 3.35%. Even the top 10 cryptos, the big names like Bitcoin and Ethereum, got smacked down. Bitcoin sank 5.25%, while Ethereum took a 7.63% dive. But the worst hit was Avalanche which got hammered by 11.25% in just one day! Each coin fell in its way, showing just how rough things were across the crypto world. Who knows if this is just a hiccup or the start of a longer downturn?
Bitcoin (BTC)
Bitcoin, the flagship cryptocurrency, saw a substantial 5.25% drop in the last 24 hours, with a cumulative decrease of 9.43% over the past week.
Ethereum (ETH)
The second-largest cryptocurrency by market cap faced a more significant downturn with a 7.63% decrease in the last 24 hours and a 12.80% slump over the past seven days.
Tether (USDT)
Tether, often hailed for its stability, experienced minimal fluctuations, registering a marginal 0.02% loss in the last 24 hours while it lost its market cap by 0.08% over a week.
Binance Coin (BNB)
Binance (BNB) followed the major cryptos in performances. BNB witnessed a 5.95% drop in the last 24 hours and a 6.79% decline over the past week.
Solana (SOL)
Solana (SOL) suffered notable losses. SOL recorded a substantial 10.68% drop, the second largest loss among top 10 cryptos, in the last 24 hours and a 17.43 % decrease over the past week.
Ripple (XRP)
XRP, on the other hand, faced a 5.68% reduction in the last 24 hours, contributing to a 12.89% fall over the week.
Also See: What Led Bitcoin Price Dipping Below $40K?
USDC (USDC)
Interestingly, the stablecoin USDC remained constant in the last 24 hours, while maintaining a marginal 0.04% drop over the past week.
Cardano (ADA)
Cardano (ADA) also experienced notable a 8.39% decrease in the last 24 hours and a 15.54% decline over the week.
Dogecoin (DOGE)
Dogecoin, known for its meme-driven popularity, faced an 8.17% reduction in the last 24 hours, contributing to a 5.84% decrease over the past week.
Avalanche (AVAX)
Avalanche marked the most significant decline among the top 10 cryptos, plummeting by 11.25% in the last 24 hours and a staggering 21.97% over the past week.
Investors and analysts are closely monitoring these market movements, with debates arising over the driving forces behind this collective downturn and the potential implications for the broader cryptocurrency landscape.
Sources: CoinMarketCap
