Crypto market update: Cryptocurrency market slide deepens

Bitcoin slips towards $20,000 while Ethereum approaches $1,000

Tron and Monero were leading losses among prominent cryptos earlier today – Photo:Shutterstock

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). 

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