THE market capitalization of the top cryptocurrencies has been pulled lower once more, to close to $900 billion, from a height of $3 trillion last year, as individual investors continue to trade exits under pressure.
According to data from CoinDesk, Bitcoin (BTCUSD), the biggest cryptocurrency by market value, was trading at $20,062 at the time of publication, down 1% over the previous day.
Trading volume increased by more than 11% to $23.17 billion. The most well-known cryptocurrency is currently down more than 56 percent since the start of the year, as opposed to the tech-heavy Nasdaq 100 index’s 29 percent decline and the S&P 500 index’s 20 percent decline.
The second-largest digital asset, Ethereum (ETHUSD), dropped 4.6 percent to $1,103, bringing its decline since 2022 to almost 70 percent. The fifth-largest digital asset, XRP (XRPUSD), fell 3.3% to $0.33, while the sixth- and seventh-largest, Solana (SOLUSD) and Cardano (ADAUSD), fell 5.3% and 1.5%, respectively.
The third- and fourth-largest digital assets, stablecoins tied to the US dollar Tether (USDTUSD) and USD Coin (USDC), were trading at a 0.03 percent and 0.04 percent discount to their value from the previous day. Shiba Inu (SHIBUSD), Dogecoin (DOGE), and Luna Classic all experienced gains of 54%, 3.2%, and 1.8%, respectively.
According to data from CoinGecko, the total market value of the cryptocurrency sector decreased by 3.3 percent over the previous day to $936 billion.
