The cryptocurrency market collapsed today on the back of the Bitcoin price witnessing a deeper decline below the $ 30,000 level after a brief uptick earlier this month. The world’s largest and most popular cryptocurrency was down more than yesterday at 5.3% on Sunday and traded at $ 27,642.28.
It’s worth noting that it’s popular digital token trading far below the record high of $ 69,000 set in November last year. Total cryptocurrency trading volume in the last 24 hours was at $ 77.1 billion with Bitcoin dominance at 45.7% and Ethereum dominance at 15.4%.
Cardano witnessed a big fall in 10.9% trading at $ 0.522211, Solana even dropped in 13.6% trading at $ 32.43. Dogecoin fell 12.8% to $ 0.066169 on Friday morning, while Shiba Inu fell 13.4% to $ 0.00000886. Other digital currencies including Avalanche, Polkadot, Polygon all witnessed price declines on Sunday.
Losses in cryptocurrencies have been deepening since earlier this year, with everything from Bitcoin to Ether to Solana either setting or approaching its lowest level in years.
The MVIS CryptoCompare Digital Assets 100 index, a market-weighted cap measure that tracks the performance of the 100 largest tokens, declined 4.9%, bringing the drawdown for the year to almost 50%.
Bitcoin, which is almost half of the index, fell on the fourth day. Ether, which makes up about 18%, breached its previous low set in early May after the collapse of the Terra blockchain. Popular DeFi tokens such as Solana and Cardano fell even more.
Investors are increasingly saying that the market is in the middle of a crypto season, as a long period of decline has been known for many years. While crypto prices have dropped since early November, when Bitcoin reached its all-time high, the decline accelerated after the collapse of TerraUSD (UST) stablecoin and the Luna related cryptocurrency that resulted in a loss of tens of billions in market value.
The market is also digesting bad economic news, which has hit technology stocks – to which many coins show a connection – particularly difficult. Data released on U.S. consumer prices shows inflation continues to accelerate.
