- The crypto market erased the $1 trillion mark due to a sharp decline in trading volumes and cooling in the hype of the Ethereum Merge upgrade and Terra tokens over their tax burn plan.
Crypto market erased the $1 trillion mark due to a sharp decline in trading volumes and cooling in the hype of the Ethereum Merge upgrade and Terra tokens over their tax burn plan. On Sunday, the global crypto market cap is around $975 billion, while trading volumes registered a more than 26% decline so far in the day. Bitcoin trades above the 20,000 mark, while Ethereum is a little over $1,450. ApeCoin crypto is the best performer in 24 hours.
On CoinMarketCap, at the time of writing, the global crypto market cap traded at $974.89 billion up by 1.26 over the last day. However, the total crypto market volume performed at $47.15 billion plunging by 26.12% over the last 24 hours.
Meanwhile, currently, the total volume in DeFi is at $3.77 billion — 8% % of the total crypto market 24-hour volume. Whereas the volume of all stablecoins is now at $42.91 billion — which is 91.02% of the total crypto market 24-hour volume.
Bitcoin climbed over 1% in 24 hours. The largest cryptocurrency is trading above $20,050. The crypto’s market cap is around $384.61 billion.
Ethereum surged nearly 2% in 24 hours and is trading around $1,455. The crypto’s market cap is over $178.5 billion.
Among the top 10 cryptocurrencies, XRP soared over 6%, while Solana jumped more than 3%. Meanwhile, Cardano and Dogecoin advanced nearly 2%. Other cryptos like Tether, USD Coin, BNB, and Binance USD witnessed marginal movements in the last 24 hours.
Bitcoin is currently the largest cryptocurrency, while Ethereum is the second biggest in the market. At present, Bitcoin’s dominance is at 39.44%.
ApeCoin is the top performer in the market with an upside of nearly 18% and is trading around $5.60. Including ApeCoin, and other cryptos such as Celsius, Lido Dao, XRP and Chiliz were among the top 5 gainers with price levels rising from 5-18%.
However, in the last seven days, Bitcoin has dipped by over 7%, while Ethereum shed more than 17%. BNB, Cardano, Solana, and DogeCoin have slipped between 2-5%. ApeCoin zoomed nearly 10%.
Last week, the most-awaited Ethereum Merge finally went live. The Merge has completed Ethereum’s transition to proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
Henry Elder, head of decentralized finance at Wave Financial said, “Now that the Merge has (very successfully) concluded, we’ve run out of near-term positive catalysts and we’re running into a wall of bearish macro sentiment,” as reported by Bloomberg.
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