A great number of cryptocurrencies dropped considerably in value during the early morning hours (after 12:00 a.m. EST) on December 4. At the time of writing, the crypto economy is down more than 16% and the price of bitcoin slid below the $50K zone to a low of $43,972 per unit. Since then, bitcoin has managed to climb back to just above the $47K per unit position.
Crypto Economy Value Dives
Digital currency markets have lost significant value during the last 24 hours as billions have left the crypto economy in a matter of hours. Currently, the crypto economy and its 11,388 coins in existence have lost more than 16% in USD value. Bitcoin (BTC) slipped from the $53K per unit region to $43.9K during the first hour of Saturday morning.
The downward slide took BTC down 17.16% but the crypto asset has since regained 7.28% following the market carnage. BTC has managed to rise above the $47K region and has an overall market valuation of around $895 billion. Seven-day statistics indicate bitcoin (BTC) has lost 11.5% but 30 day stats show the price is down 25.2%.
The second-largest market valuation, held by ethereum (ETH), lost 13.9% during the last 24 hours but seven-day metrics indicate ether is only down by 2.2% after reaching its all-time high (ATH) last week. The biggest loser in the top ten was dogecoin (DOGE) as it shed 21.9% in 24 hours. Polkadot (DOT) lost 21.7%.
While solana (SOL) is up 0.6% for the week, SOL lost 18.2% during the crash. XRP took a 19.8% dive and cardano (ADA) slipped 17.5% during the last 24 hours. Binance coin (BNB) was the only top ten contender to manage to stave off the losses as it only shed around 12.7% during the drop.
BTC’s market dominance today is 38.4% of the crypto economy while ethereum (ETH) commands 20.2%. Ether has a market capitalization of around $470 billion at the time of writing. Today there is $243.8 billion in global trade volume and stablecoin volume captures $147 billion worth of those trades.
The stablecoin economy’s overall valuation today is $156 billion or 6.67% of the $2.32 trillion crypto economy. While a great majority of coins lost considerable value, except for stablecoins, ecash (XEC) is still up 7.2%.
Today’s biggest losers include fantom (FTM) down 27.7%, and theta network (THETA), which dropped 27% during the crypto market slide.
What do you think about the recent crypto market downturn? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer