Crypto market update: Sell-off to hit market with new Covid variant
Bitcoin (BTC) and all other major cryptocurrencies have crashed on news of new Covid variant
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).