Crypto market update: Bitcoin below $57,000 at 4-day low

Total market capitalisation of cryptocurrencies has fallen by 1.8% to $2.58trn

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Shiba Inu and Chainlink suffered some of the largest falls in trading today – Photo: Shutterstock
                                

Bitcoin (BTC) traded down by 1.1% on Thursday afternoon at $56,452, having earlier fallen to four-day low of $55,895. The market capitalisation of the world’s first and largest cryptocurrency stood 0.8% lower at $1.06trn (£795m), while its trading volume fell by 2.1% to $35.8bn. 

Ethereum (ETH), the second-largest cryptocurrency, fell by 3.5% to $4,534. Its market capitalisation stood 3.7% lower at $536bn, while trading volume stood fell by 12.8% $25.8bn. 

Among the other prominent cryptocurrencies, Terra (LUNA) and Polygon (MATIC) enjoyed some of the largest gains, rising by 8.2% and 3.9%, respectively. 

Shiba Inu and Chainlink suffered some of the largest losses, falling by 7.4% and 6%, respectively. 

The capitalisation of the total cryptocurrency market stood 1.8% lower at $2.58trn, according to CoinMarketCap.

Biggest gainer

Across the wider digital asset space, ElonFlokiInu enjoyed the largest gains, rising by 2,978% to $0.00000001188. Another day-old currency, FireFlame Inu followed in second place, up by 1,175% to $0.000000000002206. 

Biggest loser

YTizer suffered the largest loss, slumping by 98.5% to $0.001697. The market capitalisation of the future yield trading platform saw its market capitalisation fall by 98% to $416,710. 

All prices correct as of 11:45 GMT.

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