The sudden drop in the crypto market has caused prices for 72 of the top 100 tokens to drop by more than 90 percent from their all-time highs, cryptocurrency tracking site coinjeco reported.
According to the data, bitcoin was the most valuable cryptocurrency in the world, it has fallen by more than 30 percent in the last seven days and is now trading less than 70 percent from its November high of 69,000.. Ether, the second-largest cryptocurrency, is also down 78 percent from its November peak of $4,878. During the collapse of the market, which began in April this year, nine of the 10 largest cryptocurrencies lost more than 90 percent of their value.
Binance Coin, Cardano and Solana, all in the top 10, fell 68-88 percent. According to the data, the top 10 tokens have lost an average of 79 percent over the past two months, while the top 20 coins have lost an average of 81.1 percent since their all-time high.
The price of bitcoin has dropped from about $41,000 three months ago to about $20,000 at the time of writing. According to CoinMarketCap, bitcoin's market capitalization has fallen from about $800 billion to less than $400 billion over the same period.
The bear market has had an impact on society and the crypto industry as a whole. Due to the recession, Coinbase, a model of the crypto industry, announced earlier this week that it would lay off 18 percent of its workforce, or about 1,100 people. This moment of the "crypto winter", according to billionaires Tyler and Cameron Winklevoss, is a deflationary phase that turns into a recession. The current socio-economic and geopolitical crisis has only exacerbated the chaos.
Moreover, Intex, an Indian multinational electronics manufacturing company, announced the introduction of the 5air blockchain to reach Web 3.0. The company said that with this decision it will begin a new technological revolution in the retail sector.
"We are happy to join 5air. Web 3.0 will open up a huge number of new business opportunities. The level of efficiency will increase. This will increase transparency, since decentralization is at its core. This is a step towards a more sustainable world. "We are at the beginning of a new era," said Keshav Bansal, director of Intex.
Cryptocurrency Prices
The price of bitcoin in the cryptocurrency market has increased by 0.04 percent over the past 24 hours, and at 4:30 pm ET it was trading at $21114.64. According to Coinmarketcap.com its dominance in the crypto market currently stands at 44.35 percent, down 0.11 percent in the last 24 hours.
Over the past 24 hours, Ethereum has been trading at $112.32, down 1.23 percent, while Binance (BNP) is up 1.01 percent over the same time period, trading at $218.76. Solana (Sol) rose 1.98 percent to $31.86, while Cardano (Ada) rose 1.25 percent to $0.4951.
Meme Coins
Dogecoin was trading at $0.05772 at 5:00 pm ET, up 2.70 percent from Coinmarketcap.com . Its competitor, Shiba Inu, rose 1.55 percent, trading at $0.000008238. Samoyedcoin was up 0.53 percent, trading at $0.004098, while dogelon March was up 2.56 percent, trading at $0.0000002765.
General scenario
According to Coinmarketcap.com The capitalization of the global cryptocurrency market reached $908.20 billion, down 0.14 percent over the past 24 hours, while the total cryptocurrency market reached $75.24 billion, down 29.77 percent.
Sirin Lab tokens (SRN) became the biggest winner, gaining 1371.19 percent. According to CoinMarketCap, it was trading at $0.0204 at 4:30 pm ET. On the contrary, atherosclerosis experienced maximum loss and decreased by 100 percent. It was trading at $0.000000137.