Crypto Market Falls Again to $1.29T, As Bitcoin Bulls Revert Back

Crypto Market Falls Again to $1.29T, As Bitcoin Bulls Revert Back
  • Crypto market dropped roughly by 6% in the last 24h.
  • Bitcoin failed to hold its rally above $30,000 USD.

The crypto market has resumed its decline yet again, dropping to nearly $1.29 trillion in value. According to CoinGecko, the market lost nearly 6% of its market cap in the last 24 hours. Roughly, $83.5 billion USD was wiped out since Wednesday.

As per the data from Coinglass, a crypto-related data aggregator, $380.94 million USD worth of cryptos were liquidated from the market. According to DefiLlama, overall TVL in the DeFi market also shrunk by 3.5% in the last 24 hours to $108 billion.

The global crypto market attained its all-time high at $3.08 trillion USD in November 2021. But the hyperinflation and Russia-Ukraine conflict weighed on both the off-chain market and the crypto market. It caused the trillion-dollar market to lose 58%, nearly $1.75 trillion USD.

Bullish Momentum Reversed

On Monday, the largest cryptocurrencies, Bitcoin and Ethereum began their relief rallies to reach $30.6k and $1.9k. Eventually, this caused a positive pull in the on-chain market supporting it to rebound to $1.3 trillion USD

The dominant crypto now fell from its relief zone of $31,957.28 USD to $29,871 USD, at the time of writing. The rival, Ethereum, dropped 5.58% to $1,825 USD. The anticipation of a bull run is shattered down.

Source: BTC/USDT -Trading View

The top altcoins have also lost their grounds and resumed their trading in the red zone. Cardano (ADA) declined 6.95% in the last 24 hours to trade at $0.5623 USD, at the time of writing. While Ripple (XRP) was down 5.42% to $0.3959 USD and Litecoin (LTC) drops 8.31% to $62.82 USD. The new Terra (LUNA) is also trading down 10.28% at $6.41 USD.

Solana (SOL) plummeted by 12.79% to trade at $39.01 USD, at the time of writing. The coin was losing its pace due to a series of outages in its blockchain. Solana had again been subjected to a recent halt in its block production. Surprisingly, WAVES, a not-so-famous pioneer crypto token, is overtaken by bulls and was up 17.89% to $9.48 USD, at the time of writing.   

A perpetual learner who loves writing. Passionate about investing her time and zeal to explore the crypto world. Curiosity and creativity are her superpowers.