The cryptocurrency market remains under extremely severe pressure, with some of the leading altcoins plunging by more than 10% over the last 24 hours
The cryptocurrency market is again a sea of red, with some of the major altcoins plunging more than 10%.
Meme coin Shiba Inu has careened 13.32% over the last 24 hours, according to data provided by CoinMarketCap. The token is currently trading at $0.00002373 on the Binance exchange.
Rival cryptocurrency Dogecoin also recorded a double-digit loss over the same period, dropping around 10%.
Despite recent positive developments in the Ripple v. SEC case that allowed the XRP cryptocurrency to buck the trend for a small period of time, the cryptocurrency has also cracked under pressure, tanking by nearly 14%.
Bitcoin currently sits at the $36,800 level on major spot exchanges, losing around 6% of its value in the past 24 hours. The king of crypto performs better than the top altcoins, which has led to a slight increase in its market dominance. Earlier today, the flagship cryptocurrency fell to a multi-week low of $36,368 on the Bitstamp exchange.
Ethereum, the top altcoin, is down roughly 8% after plunging to $2,506, its lowest level since Jan. 31, earlier today on the Binance exchange.
Cardano and Avalanche, two of Ethereum’s top ‘killers’, are the major laggards as of this writing, plunging 14%.
The total market capitalization has now shrunk to $1.6 trillion after peaking at over $3 trillion in early November.
Bitcoin and Ethereum are down 46.49% and 48.10% respectively from their record highs.
