All leading cryptocurrencies, including Bitcoin, Ethereum, and Cardano, are currently experiencing a severe market downturn.
The global cryptocurrency market has dropped 6.62 percent in the last 24 hours. More than half of it occurred in a 15-minute period.
The market-wide downtrend was reportedly a result of long-term investors reserving their gains after the rally seen in the crypto request last week. This generally happens after Bitcoin hits an all-time high.
Bitcoin crossed $67,000 last week. Moreover, other digital currencies such as Ethereum, Cardano, and Solana also rose on its intervention. Unfortunately, following the wave of liquidation, every one of these digital currencies is operating below their integral support levels. Bitcoin is trading beneath $60,000, Ethereum is trading under $4,000, and Cardano is trading below $2.
Cardano went down in ranking
Cardano dropped from its throne as the third-biggest cryptocurrency in the market last month and has further fallen to fifth place. Tether and Binance coins both have a greater market cap than the coin innovated by Charles Hoskinson as a volition to Ethereum.
In the meantime, Dogecoin featured a vantage this weekend after tech billionaire Elon Musk made it the people’s cryptocurrency. He also explained that he did not hold any Shiba Inu. Unlike what was being suspected in the market since the beginning of the month when he brought home a new pet dog named Floki.
The only cryptocurrency with a market cap above $20 billion and all in green is Shiba Inu. That said, the SHIB token earnings for the day are now vastly less than they were this morning when they racked up an all-time high of $0.000059. The meme coin has doubled in cost since last week. It is presently passing through the ongoing market craze at a figure of $0.000054. This is still 26% higher than 24 hours ago.
With its preclusive competitor, Dogecoin, down by 12.49% since history began. The notch in market cap between the two is now lower than $9 billion. Shiba Inu is flying on Dogecoin’s heels as the 11th biggest cryptocurrency in the market.
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