With cryptocurrencies trending lower in the wake of the collapse of TerraUSD and the most volatile week of Bitcoin trading in at least two years, the world’s largest cryptocurrency on Sunday experienced a slight increase of 0.9% trading at $ 29,842.17.
The global market value of cryptocurrency today is $ 1.33 trillion, a decrease of 0.8% over the last 24 hours. The total trading volume of cryptocurrencies over the last 24 hours is $ 102 billion, with Bitcoin dominance at 42.6% and Ethereum dominance at 18.4%.
Ethereum, on the other hand, continued to trade lower with a 1.2% decline to $ 2,030.39. While Solana fell even more 4.1% to $ 50.41 and Dogecoin fell 2.7% at $ 0.088207. Shiba Inu witnessed a much steeper fall of 6.3% on $ 0.00001212 on Sunday.
At the same time, the extinction of the algorithmic stablecoin TerraUSD and its sister token Luna wiped out more than $ 270 billion from the total trillion value of the crypto sector. The weekly net change in Bitcoin’s volatility was the highest in two years Bloomberg began recording data.
Altcoins did not escape the declines on Saturday, with Solana and Polkadot down more than 5% and Avalanche by almost 8% on Saturday.
“Several headwinds have given market participants almost nowhere to hide in any asset class this week,” Brian Cubellis and David Duong of Coinbase Institutional said in a report on Friday, adding that stock market volumes were the highest since January’s crypto sales.
“Interestingly, despite greater volatility than during sales in January or December, volumes are still slightly lower in comparison, indicating easier positioning and potentially reduced retail interest due to a difficult market environment,” they wrote in the note. .
Analysts said Bitcoin’s $ 30,000 threshold will be “a major setback” if prices continue to consolidate below that mark in the next few days. “If things were to deteriorate further, the next helpline would be around $ 20,000, which was an all-time high during the previous 2017/2018 cycle,” they added.
(With input from agencies)