Over the previous 24 hours, the global cryptocurrency market capitalization has dropped 1.68 percent to $1.86 trillion, while trading volumes have dropped 5.61 percent to $77.97 billion.
The entire volume in the decentralised finance (DeFi) area was $12.73 billion, accounting for around 16.32% of the total 24-hour bitcoin trading volume. Stablecoins accounted for $65.37 billion in the total volume of 83.85% of the 24-hour cryptocurrency trading volume.
Bitcoin’s price was trading below $41,000 today in cryptocurrency. The digital coin was selling at $40,072, down over 2%. So far in 2022 (year-to-date or YTD), the world’s largest and most popular cryptocurrency is down roughly 11%. It’s down around 30% from its all-time high of about $69,000 set in November of last year.
On the other side, Ether, the cryptocurrency tied to the Ethereum blockchain and the second-largest cryptocurrency by market value, fell more than 2% to $2,840. Shiba Inu was trading almost 5% down at $0.000023, while Dogecoin was trading roughly 3% lower at $0.11.
Cardano fell 0.3 percent to Rs. 68.96, while Avalanche down 3.32 percent to Rs. 6,627.26. In the last 24 hours, Polkadot fell 1.31 percent to Rs 1,466.92, while Litecoin increased 0.45 percent to Rs 9,060.35. Algorand (ALGO) fell 2.15 percent to Rs 58.19, while Terra (LUNA) increased 1.34 percent to Rs 7,220.
Cryptocurrencies have been hit by the same dynamics that have harmed other risk assets, such as US equities, this year. The current volatility in cryptocurrencies has coincided with a larger market selloff, as geopolitical tensions between Russia and Ukraine have risen. Investors recalibrating their portfolios to account for a more aggressive Fed has also contributed to the volatility.