Cryptocurrency update today: The cryptocurrency market witnessed volatility on Sunday with valuations rising, although volumes declined significantly. Heavyweight bitcoin dragged on the global crypto market as it struggled below $30,000 and even erased previous strong gains. The market cap of the crypto leader has also dipped below the $600 billion mark. With this, bitcoin dominance has fallen marginally over the past 24 hours.
According to CoinMarketCap, Bitcoin It is currently trading at $29,868.21, up 0.4%. Its current market capitalization is around $570 billion. The coin’s fully diluted market capitalization today was approximately $623 billion, however, this has been rapidly corrected. In terms of volume, bitcoin is down 9.45% in the past 24 hours to $15.7 billion.
Bitcoin dominance is currently at 46.15%, down 0.15% throughout the day.
In the last seven trading sessions, bitcoin has only gained 2%.
Ether equivalent was trading up 1.71% at around $1,800. Its weekly performance is flat.
Data from CoinMarketCap states that the global crypto market cap stands at $1.23 trillion, up 0.59% from the previous day. Meanwhile, the total volume of the crypto market in the last 24 hours is $42.50 billion, a decrease of 6.80%.
Furthermore, the total volume of DeFi currently stands at $4.42 billion, which is 10.40% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $35.57 billion, which is 83.69% of the total crypto market’s 24-hour volume.
In percentage terms, the top performing cryptocurrencies were – Chainlink (LINK) rising over 8%, Avalanche (AVX) rising nearly 6%, Solana (SOL) jumping over 5%, Algorand (ALGO), and ICON (ICX) is on the move. 4.7% and 3.4%.
Meanwhile, the top underperformers in percentage terms were – STEPN (GMT) down nearly 6%, Waves down more than 5%, Internet Computer (ICP) down 3.5%, Bitcoin Cash down 3.5% , and a drop of over 2.5% in THORChain.
Notably, Tron debuted last month as a USDD algorithmic stablecoin — which is seen to increase transparency and avoid the troubles faced by its fellow token TeraUSD while adding collateral.
According to the Tron DAO Reserve website, the total market cap of Tron-based stablecoins currently stands at $42.02 billion. Its Tether supply is USD 38.74 billion, while the decentralized supply is USD 667.52 million, USD Coin supply is over 1.98 billion, TrueUSD supply is 387.45 million and 265.61 million.
Data from TRA shows that Tron holds more than $785.90 million in TRX of Bitcoin, Tether and Tron. Furthermore, the collateralization ratio of the stablecoin currently stands at 217.79%.
“It was in the planning, but Terra/Luna definitely accelerated it and made it a priority for our team,” Tron founder Justin Sun said in a recent interview, per a Bloomberg report.
“We want USDD to be overcollateralised, which I think will make future market participants more comfortable with us,” Sun said.
The announcement follows a hysteric collapse by TeraUSD last month. This led to deep selloff in other stablecoins and Tron also faced heat. Tron’s market capitalization was previously $60 billion, which has shrunk significantly.
In the interview, Sun said, the Terra/Luna collapse last month offered a chance to accommodate other projects, and USDD will aim to raise $10 billion through TDRs to protect its peg.
Algorithmic stablecoins, which were often thought to be worth $1, however, went bearish and erased their pegs last month, dampening investor sentiment in them.
On CoinMarketCap, Tron is trading up 2.83% at $0.08183. It is ranked 13th in terms of market capitalization of over $7.62 billion. It has a circulating supply of 93.22 billion TRX coins and there is no maximum supply available.