Crypto market update: BTC dives below $50k in brutal collapse
The two stablecoins are the only cryptos in the top 10 up today
The price of bitcoin (BTC) ended yesterday at $49,055 after falling 0.33% during the day, and 8.25% on Saturday, according to Currency.com. The price of the lead cryptocurrency is now $47,499.
The volume of BTC has decreased by 12.65% over the past 24 hours. Meanwhile, 8 out of the top 10 cryptos are down today on CoinMarketCap, with BTC down by 3.50%.
Ethereum (ETH) is down by 5.57% to $3,968, binance coin (BNB) is down by 5.12% to $543, solana (SOL) is down by 8.88% to $180 and cardano (ADA) is also down, by 7.58% to $1.27.
The two stablecoins in the top 10 cryptos are both up. Tether (USDT) is up by 0.01% but remains priced at $1, with USD Coin (USDC) up by 0.07% but also still priced at $1.
Ripple (XRP) is down by 5.14% to $0.77 and dogecoin (DOGE) is down by 4.62% to $0.16. DOGE remains at 11th place and has fallen out of the top 10 cryptos, being overtaken by Terra (LUNA).
Biggest risers that withstood the weekend collapse
As BTC dropped from $53,645 at the end of Friday 3 December to $49,218 over the weekend – it has now dropped further to the $47,000 mark – some cryptos managed to buck the downward trend.
The biggest riser of the day is BitTorrent (BTT), up 11.18% to $0.002. CoinMarketCap says BTT “is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralised in recent years”.
The second-biggest riser of the day is UNUS SED LEO (LEO), which has risen by 8.31% to $3.64. According to CoinMarketCap, LEO “is a utility token that’s used across the iFinex ecosystem. The unusual name is based on a Latin citation from one of Aesop’s fables”.
The third-biggest riser of the day is PancakeSwap (CAKE), increasing by 2.13% to $11.60. CAKE, CoinMarketCap explains, is “an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return”.
Kadena (KDA) is the biggest faller of the day, dropping by 24.75% to $10.13. According to CoinMarketCap, KDA was founded by Stuart Popejoy and Wayne Martino, who also created JP Morgan’s first blockchain.
The second-biggest faller of the day is Immutable X (IMX), having dropped by 20% to $4.71. CoinMarketCap says IMX “is the first layer-2 scaling solution for non-fungible tokens (NFTs) on Ethereum, with instant trade confirmation, massive scalability (up to 9,000+ trades per second), zero gas fees – without compromising user custody”.
The third-biggest faller of the day is Quant (QNT) having decreased by 16.76% to $156. QNT was “launched in June 2018 with the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network” states CoinMarketCap.
All prices were correct as of 12:43 GMT on Monday 6 December.