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Saturday, June 10, 2023

Crypto Economy Ends Up Losing Billions

The current crypto economy has taken a major dive downwards with the markets losing significant value over the last 24 hours. Several billion have already left the economy, with the current economy and its 11,388 coins in circulation losing over 16% in USD Value. Bitcoin went down from its earlier price of $53k to reside at $43.9l during the first hour on the morning of Saturday.

The second-largest cryptocurrency according to market valuation, Ethereum, also ended up losing 13.9% over the last 24 hours but the metrics over seven days indicate that ether was only down by 2.2% after reaching its ATH the previous week. The biggest loser would be Dogecoin, as it let go of 21.9% over the last 24 hours. 

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Crypto Economy Takes A Nosedive

The current market dominance of BTC today is around 38.4% of the crypto economy while Ethereum commands around 20.2%. Ether also has a market capitalization of around $470 billion, and at the time of writing, the global trade volume was set at $243.8 billion, with the volume of stablecoin capturing around $147 billion worth of those trades.

Solana is also up by 0.6% for the week, with the cryptocurrency losing out on 18.2% during the price crash. XRP also managed to take a dive of 19.8% with Cardano slipping by 17.5%. 

The stablecoin crypto economy has a current valuation of about $156 billion or around 6.67% of the $2.32 trillion crypto economy. Although a vast majority of the coins did lose out on considerable value, XEC is still up by around 7.2%. 

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In the crypto economy, the biggest losers amongst the cryptocurrencies have been Fantom, which went down by 27.7%, and the network of Theta, which went down by 27% during the slide of the crypto market. 

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