The cryptocurrency market fell further today, with bitcoin price dropping heavily from the $30,000 level after a slight uptrend earlier this month. The world’s largest and most popular cryptocurrency fell further from yesterday to Sunday at 5.3% and was trading at $27,642.28.
It is worth noting that the popular digital token It is trading well below its record high of $69,000 in November last year. the whole cryptocurrency The trading volume in the last 24 hours is $77.1 billion, with Bitcoin dominance at 45.7% and Ethereum with 15.4%.
Cardano was trading down 10.9% at $0.522211, while Solana was trading even lower at 13.6% at $32.43. Dogecoin is down 12.8% to $0.066169 on Sunday morning, while the Shiba Inu is down 13.4% to $0.00000886. Avalanche, Polkadot, Polygon among other digital currencies saw prices fall on Sunday.
Everything from bitcoin to ether to solana has either set or neared its all-year low.
The MVIS Cryptocurrency Digital Assets 100 Index, a market cap-weighted measure that tracks the performance of the 100 largest tokens, declined 4.9%, bringing the decline for the year to nearly 50%.
Bitcoin, which is almost half the index, slipped for the fourth day. Ether, which is up around 18%, broke an earlier low set in early May following the collapse of the Terra blockchain. Popular DeFi tokens such as Solana and Cardano fell further.
Investors are increasingly saying that the market is in the middle of a crypto winter, as the extended period of decline has become known for years. While crypto prices have been falling since early November, when bitcoin reached its all-time high, the decline accelerated after the collapse of the TeraUSD (UST) stablecoin and the related Luna cryptocurrency, resulting in the loss of tens of billions in market value. .
The market is also digesting bad economic news, which affected tech stocks – to which many coins have shown correlation – especially hard. Data on US consumer prices released on Friday showed inflation continuing to pick up.