Crypto market update: Cryptocurrency market slide deepens
Bitcoin slips towards $20,000 while Ethereum approaches $1,000
Having experienced a brief respite on Tuesday, the cryptocurrency market’s slide deepened on Wednesday.
As of 12:25 BST (UTC +1), Bitcoin (BTC) was trading down by 6.2% at $20,745. The world’s first and largest cryptocurrency had fallen by as much as 9.1% to a new 18-month low of $20,178.
Bitcoin’s market capitalisation has sunk by 31% in the past seven days from $580.7bn to $392bn (£323bn).
Ethereum (ETH) was trading 9.9% lower at $1,063. It had slipped as low as $1,025, its lowest level since January 2021. The world’s second-largest cryptocurrency has sunk by 78% since the $4,891 all-time high that it reached on 16 November last year.
Ethereum’s market capitalisation stood at $131bn, having lost $88bn in value in the past seven days.
Among other prominent cryptocurrencies, Tron (TRX) and Monero (XMR) suffered some of the largest losses, falling by 11.6% and 11.1%, respectively. Chainlink and Algorand experienced some of the largest gains, rising by 5.1% and 5.9%, respectively.
The capitalisation of the total cryptocurrency market stood at $889.9bn, having stood at $1.24trn a week earlier.
Biggest overall crypto gainer
Across the wider crypto asset space, Luna Doge Token (LDT) enjoyed the largest 24-hour gain, rising by 982% to $0.00001677.
The meme-inspired crypto created with the express desire to exceed the value of the crypto Luna nonetheless traded 89.7% below its $0.0001424 all-time high that it reached on May 23.
Biggest overall crypto loser
Metaxa suffered the largest 24-hours loss, plunging by 77% to $0.0000001896. The crypto established on the Binance Smart Chain and for use in the Metaxa universe has fallen by 99.6% since the $0.00004947 that it reached on Saturday.
All prices correct as of 12:25 BST (UTC +1).