The cryptocurrency market plunged as much as 11% in just 24 hours. It has been in or behind the pit and most of the coins (led by LUNA) have suffered major losses such as Avalanche, ApeCoin, Solana, Shiba Inu, to name a few.
So, what’s going on here?
It’s like a ripple or a domino effect hit one and is now derailing the rest of the cryptocurrency.
Not just Luna
LUNA lost 97% of its value after the massive drop in the UST stablecoin. Other coins’ losses are not as huge as Terra but they also suffered devastating double digit losses over the course of 24 hours.
Altcoins in red
Most altcoins appear in red at this time. It’s a big hit in crypto and people are trying to analyze their cards. The avalanche fell to 34% or below $32, and even dropped below $28 which is much worse than its recession in August 2021.
What’s more, Solana’s price is now down 26% which has also fallen to around $52 as of this writing. Luna is the cryptocurrency for Terra. After the collapse of the USDT or dollar stablecoin, Luna also experienced a massive recession at 97% or below $1.
BTC total market cap at $550.71 billion on the daily chart | Source: TradingView.com
Cardano’s ADA is also down 16% or $0.56, showing a massive drop compared to what happened in February 2021. In addition, the price of Polkadot (DOT) is also down about 24% over the past 24 hours, or about $9.
Other tokens and memos are very volatile and dropping today like Dogecoin which is down 23% or $0.087 and Shiba Inu, which has lost more than 27% in the past 24 hours.
Meanwhile, ApeCoin is also rapidly declining and has lost 37% of its market capitalization over the past day with the current prevailing price at $5.90. The price is now down to 85% compared to the winning streak at $39.40 after its launch in March of this year.
Even the metaverse has trouble with Decentraland and Sandbox down to 28%, or $0.85, and 28%, or $1.32, respectively. The metaverse game tokens were sold like hotcakes especially after Facebook switched to Meta but are now losing value.
The cryptocurrency market plunged 11% in a quick 24-hour period led by the king of cryptocurrencies, Bitcoin which suffered a 6% drop, or its price below $29,900. Meanwhile, the price of Ethereum also fell to 8%, or $2,180.
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Featured image from Physics World, chart from TradingView.com