Furthermore, there is a likelihood that a large amount of money flowing out of the crypto market and into stocks contributed to the slump, which saw the market cap fall 3.28% from the previous day, according to CoinMarketCap. In only 24 hours, a total of $83 billion was wiped off the global market capitalization, which plummeted from $2.394 trillion to the current $2.311 trillion market cap. Despite a decline in total market capitalization, the entire volume of the crypto market has increased by 34.09 %, totaling $99.45 billion. DeFi’s total volume is now $17.76 billion, or 17.86 %, while the entire market volume of all stable coins is $77.46 billion, or 77.89%.
Bitcoin falls back below $50,000
Of particular note is that the flagship digital asset, which has a secondary impact on the rest of the tokens, on the whole, has once again fallen below the critical $50,000 mark. Indeed, Bitcoin (BTC) is now trading at $49,166, down 3.21% on the day and up 1.18% over the previous week with a market capitalization of $930 trillion. Fundamental analyst and technical trader, Lady of Crypto has identified two support levels for Bitcoin in order to continue its bullish momentum: Notably, the Bitcoin price decline has had a knock-on effect on the prices of popular altcoins, which have all seen their prices go down due to the reduction in Bitcoin’s price. 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. All other well-known altcoins in the top ten digital assets by market capitalization, including Solana (SOL), Cardano (ADA), and Binance Coin (BNB), are all trading in the red. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
