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In the early morning of December 4 (after 12:00 AM Eastern Time), a large number of cryptocurrencies depreciated sharply. At the time of writing, the crypto economy fell by more than 16%, and the price of Bitcoin fell below the $50 K zone to a low of $43,972 per unit. Since then, Bitcoin has successfully recovered to a position slightly above US$47,000 per unit.
As billions of people left the encrypted economy within a few hours, the digital currency market has depreciated significantly in the past 24 hours. Currently, the crypto economy and its existing 11,388 coins have lost more than 16% of the dollar value. In the first hour of Saturday morning, Bitcoin (BTC) fell from USD 53,000 per unit area to USD 43,900.
The decline caused BTC to fall by 17.16%, but after the market massacre, encrypted assets have regained 7.28%. BTC has successfully broken through the USD 47,000 area, with an overall market valuation of approximately USD 895 billion. The 7-day statistics show that Bitcoin (BTC) has fallen by 11.5%, but the 30-day statistics show that the price has fallen by 25.2%.
The valuation of the second largest market held by Ethereum (ETH) has fallen by 13.9% in the past 24 hours, but the 7-day indicator shows that Ethereum has fallen by only 2.2% after reaching an all-time high (ATH) last week. The biggest loser in the top ten is Dogecoin (DOGE), which has fallen by 21.9% in 24 hours. Polkadot (DOT) fell 21.7%.
Although solana (SOL) rose 0.6% this week, SOL fell 18.2% during the crash. In the past 24 hours, XRP has fallen by 19.8%, while Cardano (ADA) has fallen by 17.5%. Binance Coin (BNB) was the only top ten competitor that managed to avoid losses because it only fell by about 12.7% during the decline.
BTC’s market dominance today is 38.4% of the crypto economy, while Ethereum (ETH) accounts for 20.2%. At the time of writing, the market value of Ethereum is approximately $470 billion. Today, the global trade volume is 243.8 billion U.S. dollars, of which stable currency transactions are 147 billion U.S. dollars.
The overall valuation of the stablecoin economy today is US$156 billion, accounting for 6.67% of the US$2.32 trillion crypto economy. Although most tokens except stablecoins have depreciated considerable value, ecash (XEC) still rose by 7.2%.
Today’s biggest losers include fantom (FTM), which fell 27.7%, and theta network (THETA), which fell 27% during the downturn in the crypto market.
What do you think of the recent crypto market downturn? Please tell us your thoughts on this topic in the comments section below.
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