A large number of cryptocurrencies significantly lost value in the wee hours of the morning (after midnight EST) on December 4th. Zone K at a minimum of $ 43,972 per unit. Since then, bitcoin has managed to climb back to just above $ 47,000 per unit position.
Crypto Economy Value Dives
The digital currency markets have lost significant value in the past 24 hours as billions left the crypto economy within hours. Currently, the crypto economy and its existing 11,388 coins have lost more than 16% in value in USD. Bitcoin (BTC) fell from $ 53,000 per unit region to $ 43.9,000 during the first hour of Saturday morning.
The drop sent BTC down 17.16%, but the crypto asset has since gained 7.28% following the market carnage. BTC has managed to surpass the region of $ 47,000 and has an overall market valuation of around $ 895 billion. Seven-day statistics show bitcoin (BTC) is down 11.5%, but 30-day statistics show the price is down 25.2%.
The second largest valuation in the market, held by Ethereum (ETH), has lost 13.9% in the past 24 hours, but seven-day measurements show ether only fell 2.2% after hitting its all-time high (ATH) last week. Dogecoin (DOGE) was the biggest loser in the top ten, losing 21.9% in 24 hours. Polkadot (DOT) lost 21.7%.
While solana (SOL) is up 0.6% for the week, SOL lost 18.2% in the crash. XRP has plunged 19.8% and cardano (ADA) has slipped 17.5% in the past 24 hours. Binance Coin (BNB) was the only top ten competitor to successfully avoid losses as it only lost around 12.7% during the decline.
The dominance of the BTC market today represents 38.4% of the crypto economy while Ethereum (ETH) commands 20.2%. Ether has a market cap of around $ 470 billion at the time of writing. Today, the volume of world trade stands at $ 243.8 billion and the volume of stablecoins accounts for $ 147 billion of such trade.
The overall valuation of the stable economy today is $ 156 billion, or 6.67% of the $ 2.32 trillion crypto economy. While a large majority of coins have lost considerable value, with the exception of stable coins, ecash (XEC) is still up 7.2%.
The biggest losers today are the Fantom (FTM) which is down 27.7% and the Theta Network (THETA), which has fallen 27% during the fall of the crypto market.
What do you think of the recent downturn in the crypto market? Let us know what you think of this topic in the comments section below.
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