Bitcoin Tumbles To $26K, XRP Leads Altcoins Downfall
By Kapil Rajyaguru
Bitcoin is poised to endure its worst weekly decline since the FTX crash last November following the crypto market mayhem seen in the last 24 hours.
Bitcoin’s price plummeted by a whopping 7.6% in the past 24 hours alone, bringing its total losses to above 11% for the week. The crash also led to a massive wave of liquidations worth over $1 billion in terms of leveraged positions. The volatility wiped off both short and long open interest, and the market is left crumbling.
Bitcoin is trading around $26,084 whereas Ether was changing hands at $1667.
BTC is far from being the only cryptocurrency that’s having bad times. In fact, the total market capitalization dropped to below $1.1 billion, losing over $130 million in the past 24 hours alone.
Ethereum is down by 10%, BNB – by 9.7%, while Ripple’s XRP crashed by close to 20% in the past seven days. This might also have to do with the fact that the SEC received approval for its request to file an interlocutory appeal. The case between the Commission and Ripple Labs rages on, and there’s no guessing what might happen in the coming weeks.
The rest of the altcoins are all trading in the red for the past 7 days. In fact, out of the top 100 cryptocurrencies, only RUNE and TON are in the green. Everything else has been charting considerable declines ranging between 5% and 25%.
The global crypto market cap is $1.05T, a 1.38% decrease over the last day. The total crypto market volume over the last 24 hours is $45.87B, which makes a 28.79% decrease. The total volume in DeFi is currently $2.59B, 5.64% of the total crypto market 24-hour volume. The volume of all stable coins is now $43.22B, which is 94.23% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.19%, a decrease of 0.51% over the day.
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