Crypto market update: Cryptocurrency market slide deepens

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

BTC                                 
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). 

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image