Crypto market update: Sell-off to hit market with new Covid variant

By Raffaele Redi

Bitcoin (BTC) and all other major cryptocurrencies have crashed on news of new Covid variant

Stock screen showing a list of stocks with reduced value                                 
At midday on Black Friday, the crypto market was wiped out by around $174bn – Photo: Shutterstock
                                

Bitcoin (BTC), along with all the other major cryptocurrencies, crashed on 26 November – Black Friday – as other traditional major stocks also fell with fears increasing of a new African variant of Covid-19.

At the time of writing, the panic storm caused the price of oil to tumble by 5% and triggered a new gold rush, with the price of a troy ounce of gold rising to around $1,813 (€1,605, £1,359) after the precious metal saw a 26% increase over the past 24 hours.

As the price of real gold shot up, BTC – considering the leading digital gold – began crashing, driving a sell-off mood among crypto investors.

According to a news report by Blockdata, despite data showing the Bitcoin network processed an estimated average of $489bn per quarter in 2021 – more than PayPal’s reported average of $302bn per quarter in 2021 – this info failed to calm the panic wave.

According to Currency.com, BTC’s price was trading lower at $54,390.24 during the past 24 hours. The largest cryptocurrency for market capitalisation was down around 6.2% at 11:30 GMT (UTC-1) and by 4.4% over the last seven days.

The market cap of BTC was around $1.0trn, representing around 42.2% of the entire crypto market capitalisation, while the leading crypto’s trading volume was around 19.7% higher at $40.9bn in the past 24 hours.

Currently, on Black Friday, the entire crypto market was wiped out by around $174bn as the total crypto market capitalisation fell from $2.621trn to $2.438trn during the past 24 hours.

The sell-off wave hits ETH and other major cryptos

As Ethereum gets closer to the merge or the ETH2.0 upgrade, also following the Altair beacon chain upgrades, the price of the digital silver fell drastically, trading currently at $4,036,60.

Ether (ETH) was trading lower by 7.5% with a market capitalisation of $482.5bn. The cryptocurrency’s trading volume was around 30% higher at $24.3bn over the past 24 hours.

Meanwhile, one of the most popular stablecoins – Binance Coin (BNB), the third-largest cryptocurrency with a market cap of $95.6bn – was trading lower by 9.8% at $572.30, with a trading volume of $4.0bn, which was up by nearly 35% over the past 24 hours.

Finally, solana (SOL), which has recently started powering non-fungible tokens (NFTs) and the metaverse, was trading lower by 10% at $186.55, with a market cap of $57bn and a trading volume of $2.9bn, higher by around 3.8% in the last 24 hours.

Cardano (ADA) has followed a similar pattern, trading at $1.53 after falling by around 10%.

Top gainers and losers

Elsewhere, the likes of storj (STORJ) and ankr (ANKR) witnessed a 42% and more than 20% increase in their price in the last 24 hours, respectively.

On the opposite side of the coin, immutable X (IMX) was trading lower by 18.5%, with profit-taking pulling IMX price back to 7.58, while the sell-off wave hit harmony (ONE) and avalanche (AVAX) the most as their price fell by over 18% in the past 24 hours.

All prices are correct as of 11:30 GMT (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