During the early morning hours of Saturday, December 4 (after 12:00 a.m. EST), a huge number of cryptocurrencies lost a significant amount of value. The crypto economy is down more than 16% at the time of filing, with the price of BTC falling below $50,000 to a low of $43,972 per unit. Since then, Bitcoin has climbed back to a level just above $47,500 per unit.
The Value of Cryptocurrency Drops
The value of digital money has plummeted in the previous one day, as billions of dollars have fled the crypto economy in a matter of hours. The crypto economy, with its 11,388 coins in circulation, has currently lost value of more than 16 percent of its USD worth. During the first hour of Saturday morning, Bitcoin (BTC) fell from $53K per unit to $43.9K.
Bitcoin (BTC) fell 17.16 percent during the downturn, but it has subsequently recovered 7.28 percent following the market turmoil. Bitcoin, BTC has risen past the $47K level and now has a market capitalization of roughly $895 billion. Bitcoin (BTC) has lost 11.5 percent in a week, but the price has dropped 25.2 percent in thirty days.
The second-largest market capitalization, Ethereum (ETH), has dropped 13.9 percent in the previous day, while seven-day indicators show ether is only down 2.2 percent since its all-time high (ATH) last week. Dogecoin (DOGE) was the worst performer in the top ten, losing 21.9 percent in 24 hours. Polkadot (DOT) has lost 21.7 percent of its value.
Solana (SOL) is up 0.6 percent this week, although it was down 18.2 percent during the crisis. XRP has been down 19.8% and Cardano (ADA) has dropped 17.5 percent in the last 24 hours. Binance coin (BNB) was the only top ten contender to avoid the losses, losing only about 12.7 percent in the process.
Today, Bitcoin (BTC) controls 38.4 percent of the crypto market, while Ethereum (ETH) controls 20.2 percent. At the time of writing, Ether has a market capitalization of roughly $470 billion. Today’s global trade volume is $243.8 billion, with stablecoin volume accounting for $147 billion of that.
The whole value of the stablecoin economy is $156 billion, or 6.67 percent of the $2.32 trillion crypto economy. Except for stablecoins, the most majority of coins have lost significant value, however, ecash (XEC) is still up 7.2 percent.
Fantom (FTM), which is down 27.7% today, and theta network (THETA), which is down 27 percent, are among today’s worst losers.