A great number of cryptocurrencies dropped considerably in value during the early morning hours (after 12:00 a.m. EST) on December 4. At the time of writing, the crypto economy is down more than 16% and the price of bitcoin slid below the $50K zone to a low of $43,972 per unit. Since then, bitcoin has managed to climb back to just above the $47K per unit position.
Crypto Economy Value Dives
The digital currency markets have lost significant value in the past 24 hours as billions left the crypto economy within hours. Currently, the crypto economy and its existing 11,388 coins have lost more than 16% in value in USD. Bitcoin (BTC) fell from $ 53,000 per unit region to $ 43.9,000 during the first hour of Saturday morning.
The downward slide took BTC down 17.16% but the crypto asset has since regained 7.28% following the market carnage. BTC has managed to rise above the $47K region and has an overall market valuation of around $895 billion. Seven-day statistics indicate bitcoin (BTC) has lost 11.5% but 30 day stats show the price is down 25.2%.
The second largest valuation in the market, held by Ethereum (ETH), has lost 13.9% in the past 24 hours, but seven-day measurements show ether only fell 2.2% after hitting its all-time high (ATH) last week. Dogecoin (DOGE) was the biggest loser in the top ten, losing 21.9% in 24 hours. Polkadot (DOT) lost 21.7%.
While solana (SOL) is up 0.6% for the week, SOL lost 18.2% during the crash. XRP took a 19.8% dive and cardano (ADA) slipped 17.5% during the last 24 hours. Binance coin (BNB) was the only top ten contender to manage to stave off the losses as it only shed around 12.7% during the drop.
The dominance of the BTC market today represents 38.4% of the crypto economy while Ethereum (ETH) commands 20.2%. Ether has a market cap of around $ 470 billion at the time of writing. Today, the volume of world trade stands at $ 243.8 billion and the volume of stablecoins accounts for $ 147 billion of such trade.
The stablecoin economy’s overall valuation today is $156 billion or 6.67% of the $2.32 trillion crypto economy. While a great majority of coins lost considerable value, except for stablecoins, ecash (XEC) is still up 7.2%.
The biggest losers today are the Fantom (FTM) which is down 27.7% and the Theta Network (THETA), which has fallen 27% during the fall of the crypto market.
