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10-05-2022|Crypto

Crypto Crash: Why is cryptocurrency market crashing? Check top 10 crypto prices today.

The worldwide crypto market cap has decreased to $1.54 trillion, down 2.28 percent in the last 24 hours (11.26 pm), according to CoinMarketCap data on Monday. Almost all of the top ten cryptocurrency values have dropped in the last 24 hours, while the global cryptocurrency market volume has climbed by 3.18 percent to $96.96 billion.

The overall volume in DeFi was $11.39 billion, or 11.39 percent of the total 24-hour volume in the crypto market. The 24-hour volume of stable coins was $87.56 billion, accounting for 90.3 percent of the total crypto market volume.

The price of Bitcoin has also dropped to $33,628. Bitcoin's position as the most valuable crypto asset has remained stable over the last day, at roughly 41.48 percent. In the last seven days, the price of Bitcoin has dropped 13.64 percent. Bitcoin's price has dropped 2.25 percent in the last 24 hours.

The ongoing crypto market fall, according to experts, is caused by panic over inflation and fears of a looming recession.

"When the Federal Reserve stated that interest rates will be raised by a half-percentage point, BTC saw a brief relief rally, reaching $40,000." "This sentiment did not last long as market players became concerned about inflation and the possibility of a recession, causing equities and crypto markets to plummet," Darshan Bathija, CEO and Co-Founder of Vauld, told FE Online.

Bitcoin fell to roughly $34000 due to a severe dip in market mood, while Ethereum fell to $2527.

The crypto fear and greed index, which measures market mood, is currently at "severe fear."

"The crypto markets have been moving in lockstep with the stock market, and investors are treating BTC as a risk-on asset right now." "In light of mounting inflation fears, most investors have chosen a risk-off attitude, selling both stocks and cryptos to reduce risk," Bathija added.

In the previous few days, the prices of several other top 10 crypto assets have plummeted. Consider how prices have changed in the last 24 hours:

Ethereum (ETH): In the last 24 hours, the price of Ethereum has dropped 3.41 percent to $2450. The price of ETH has dropped 14.15 percent in the last seven days. It is presently the second most valuable crypto asset by market capitalization.

Binance (BNB): In the last 24 hours, the price of Binance currency has dropped 3.13 percent to $347. The price of BNB has dropped 11.05 percent in the last seven days. In terms of market capitalization, it is now the fourth largest crypto asset.

XRP: In the previous 24 hours, the price of the XRP coin has dropped by 0.55 percent to $0.5656. The price of XRP has dropped 9.40 percent in the last seven days. It is presently the 6th most valuable crypto asset by market capitalization.

In the last 24 hours, the price of Solana (SOL) has dropped 13.41 percent to $74.91. The price of SOL has dropped 16.73 percent in the last week. In terms of market capitalization, it is now the seventh largest cryptocurrency.

Cardano (ADA): In the last 24 hours, the price of the Cardano cryptocurrency has dropped by 4.21 percent to $0.7069. The price of ADA has dropped 10.53 percent in the last week. In terms of market capitalization, it is now the eighth largest cryptocurrency.

Terra (LUNA): In the last 24 hours, the price of Terra coin has dropped 3.61 percent to $62.69. The price of LUNA has dropped by 24.59 percent in the last week. In terms of market capitalization, it is now the eighth largest cryptocurrency.

The price of popular memecoin Dogecoin (DOGE) has dropped 2.71 percent in the previous 24 hours, while the price of Shiba Inu (SHIB) has dropped 4.97 percent in the last day. DOGE is now ranked 12th in terms of market capitalization, while SHIB is ranked 15th. DOGE was trading at $0.1221 at the time of this report, while SHIB was trading at $0.00001771.

In India, cryptocurrency and other virtual digital assets are unregulated. Investing in them may result in losses. Before making any investment decisions, please contact with your financial advisor.

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