- Bitcoin’s price dip below $47k, losing 18.22% value over the last day.
- Ethereum’s value diminishes far below $4,000.
- Binance coin lost $88.41 in value after a 14.26% value drop.
- Solana and Cardano also suffered 20.14% and 19.04% losses respectively.
The news of the global crypto market cap’s sudden and unprecedented downfall has spread into every nook and cranny of the crypto market. It would’ve been difficult to believe that only yesterday, the global crypto market cap had been at a high of $2.65T, and today, it is at a measly $2.18T.
Since the intense value drop, there have been absolutely no gains for any token in the last 24 hours. As one would expect, only stablecoins that are backed by fiat currency such as Tether and USD Coin have not recorded huge value drops. Meanwhile, the values of the rest of the coins have been in shambles all night, leaving us to wonder how this bearish run struck so fast and so silently.
Meanwhile, the trading volumes of some major coins began seeing an influx that has stunned the crypto market as investors took advantage of the market drop.
Bitcoin’s sudden downfall
Bitcoin has been making headlines all night. However, new comments in the crypto world now tell of how the top token’s price has dropped $10,000 in one night. It certainly came off as a surprise, but the shock has worn off, the trading volume of BTC has been at an all-time high.
Bitcoin has been trading $61,757,502,019, equal to 1,314,623 BTC worldwide. Countries, influencers, institutional and small-time investors have all been trading like mad, making sure not to let the low prices slip past. The market cap of Bitcoin has seen a value drop of 17.82% in the last 24 hours, dropping from trillions into billions.
As of now, investors who are late to the party can still grab BTC as the prices are still recording a low of $46,985; Bitcoin doesn’t seem to be letting go of the bearish runs too soon.
Ethereum and Binance fall from their high pedestals
Ethereum and Binance have been the two leading altcoins for almost a year now; they have recorded higher values and trading volumes than any other on the market aside from Bitcoin. These two coins have always stood at the top, and investors had been very hopeful that by the new year, they would break their records of $4.85k and $685, respectively.
Still, the bearish run seems to have affected every coin on the market, making it more and more difficult for ETH and BNB to trade at a high value, yet their trading volumes have recorded all-time highs. Ether’s trading volume has risen a whopping 110.74% in the last day, trading 10.35M ETH, while BNB records a 124.78% trading volume increase.
ETH traders still have time to invest as prices linger around the $3,900 mark. The same is with BNB traders that can trade BNB for around $547.61 per coin.
Solana and Cardano in dip
Solana has been on the market for nine months now and has made a very significant increase in market value. Just yesterday, SOL was trading at $236. However, due to the market crash, it has dropped to $192.17, which is a 19.07% value drop. Its trading volume has risen by 74.67%, while its market cap has seen drops to $58.90B.
Cardano has been standing around the $1.75 mark for a while, but its main purpose has never been to succeed $4 value. Still, it has seen a 17.80% value drop, which is a lot by ADA standards. It now trades at $1.36, with its trading volume skyrocketing by 28.35%, and its market cap has fallen to $45.30B.
We think it is safe to say no one expected prices to fall so low in the range of just a few hours. Bitcoin’s price had fallen exponentially in just a few minutes, reaching a low of $45k that has left investors rejoicing or shaken.
However, as we’ve looked more into it, there has scarcely been price falls in the crypto market. Bearish months lasting around one month have always been followed by intense bullish runs for two to three months after. This is why we continue to hope that this time will be the same and that our major coins will recover lost ground steadily, and prices will increase soon.