Why is Crypto Crashing – What Are the Lead Crypto Prices?
Global crypto market capital has shrunk to $1.41 trillion; it has decreased by 7.94% in the last 24 hours. Almost every Top 10 crypto price has fallen in the previous 24 hours. The volume of the global cryptocurrency market increased by 84.76% in the last 24 hours; In total, it amounted to 182.54 billion dollars. The total volume at DeFi was $20.84 billion; This is 11.41% of the total 24-hour volume of the crypto market. The volume of stable coins amounted to $163.94 billion; This represents 89.81% of the total 24-hour volume of the crypto market.
The price of Bitcoin also dropped to $30,932. In the last 24 hours, the BTC price has also fallen below $30,000; For the first time since July 2021. The dominance of Bitcoin as the primary crypto asset has remained unchanged in recent days, at around 41.84%. The total price of Bitcoin has decreased by 19.63% in the last seven days. Bitcoin price has dropped by 8.26% in the last 24 hours.
Experts say that the prices of Bitcoin and other cryptocurrencies are falling due to overall sales, Against the background of extreme fear of investors. Even institutional investors seem to be selling their crypto owners, which led to a massive price collapse. Due to overall sales, BTC prices fell below $30,000 for the first time since July 2021, While ETH prices were $2319. The crypto fear and greed index was in the “extreme fear” zone, a sign that investors were very concerned and were selling their property to reduce losses.
Analyst’s Expectations and Crypto
Analysts estimate that the result of BTC’s high correlation with the S&P index and market participants is trying to reduce the risk impact. The pressure on current sales was compounded by the decision of the Luna Foundation Guard; Expressed about $750 million from its BTC reserve due to uncertain macro market conditions. The fund described the sale as a “loan” for OTC traders to protect the UST. There is already panic over inflation and fears of a potential recession disrupting crypto markets.
It is also the first time since July 2021 that Bitcoin has traded below the $30,000 mark; it Fell by almost 56% compared to the peak in November last year. Global financial markets are damaged amid rising inflation and growing Russian-Ukrainian tensions. The Indian Rupee closed at a record low, likely to increase imports and significantly impact financial markets. The above factors are putting enormous pressure on the crypto market as well. The result is a massive sell-off for investors to allocate cash for a better time.
Lead Crypto Values
The prices of several other top crypto assets dropped sharply in the last few days. The price of Ethereum reduced 5.9% to $2319 in the last 24 hours. The price of ETH lowered by 18.63% in the last seven days. It is currently the second-largest cryptocurrency in terms of market capitalization. The Binance coin price fell 11.67% to $309 in the last 24 hours. The price of BNB lost 20.92% in the last seven days. It is currently the fourth largest crypto asset in terms of market capitalization. The XRP coin price dropped 11.87% to $0.502 in the last 24 hours. The price of XRP reduced by 19.44% in the last seven days. It is currently ranked 6th as the most prominent crypto asset in market capitalization.
SOL cut 14.45% to $64.90, according to the latest data. The currency price decreased by 26.42% in the last seven days. It currently holds the 7th largest crypto asset in terms of market capitalization. The ADA price fell 12.39% to $0.6272 in the last 24 hours. The price of ADA declined by 12.36% in the last seven days. It is currently ranked the 8th largest cryptocurrency in terms of market capitalization.
The price of the Terra coin spilled 53% to $28.83 in the last 24 hours. In the last seven days, the price of LUNA has become 85.96%. It currently dipped to 14th in terms of market capitalization. The price of the favored Dogecoin dropped by 11.64% in the last 24 hours. The price of Shiba In plunged 17.07% on the last day. DOGE is currently ranked 11th, and SHIB is rated 16th in their respective market capitalization.
