Bitcoin's Price Falls As Investors Switch To Smaller Cryptos

The $1 trillion crypto fall is crushing digital coin

Investors are well aware that cryptocurrencies are a poor hedge against inflation. Crypto has also not proven to be a reliable haven in times of stock market volatility, central bank tightening, war, an energy crisis, a food crisis, global supply chain disruptions, or a pandemic.

Bitcoin, the king of cryptocurrencies, is down roughly 37% year to date. Ether, the cryptocurrency created by Ethereum, is performing even worse. Over the same period, it has dropped by nearly half. The devastation in lesser alt-coins is considerably more severe. In comparison, equities account for approximately 33% of household wealth in the United States. Furthermore, the recent decline in equities has cost Americans an eye-watering $8 trillion.

In the last 24 hours, the global crypto market cap rebounded 2.87 per cent.The worldwide crypto market cap was $1.28 trillion at writing. Bitcoin has also broken through the $30,000 mark, reaching $30,161 at writing. Over the last 24 hours, the global cryptocurrency market volume fell by 0.46 per cent to $82 billion. The overall volume in DeFi was $7.42 billion, accounting for 9.04 per cent of the entire 24-hour volume in the crypto market. Stable coin volume was $72.98 billion, accounting for 88.94 per cent of the 24-hour crypto market volume.

In the last 24 hours, the price of bitcoin grew by 3.31 per cent. Meanwhile, Bitcoin’s dominance as the leading crypto asset climbed by 0.14 per cent on the day to 44.83 per cent. In the last seven days, the overall price of Bitcoin has fallen by 1.4 per cent. Bitcoin, Ethereum, and other cryptocurrencies were trending in lockstep with the stock market.

Top cryptocurrency prices today

Ethereum (ETH): The price of Ethereum climbed by 3.44 per cent in the previous 24 hours to $2021. ETH’s price has dropped by 2.98 per cent in the last seven days. It is presently the second most valuable crypto asset in market capitalization.

Binance (BNB): The price of Binance currency climbed by 4.39 per cent in the previous 24 hours to $308. BNB’s price has risen by 0.85 per cent in the last seven days. It is presently the fifth most valuable crypto asset in market capitalization.

XRP: The XRP coin price fell 6.01 per cent in the last 24 hours to USD 0.435. The cost of XRP has dropped by 2.02 per cent in the previous seven days. It is presently the sixth most valuable crypto asset in market capitalization.

Solana (SOL): The price of Solana climbed by 1.53 per cent in the previous 24 hours to $51.72. SOL’s price has risen by 2.98 per cent in the last seven days. It is presently the ninth most valuable crypto asset in market capitalization.

Cardano (ADA): The price of the Cardano token grew by 2.36 per cent to $0.5331. Within the last 24 hours, ADA’s price has dropped by 1.82 cents the previous seven days. It is presently the eighth-most valuable crypto asset in terms of market capitalization.

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