According to Coingecko, the cryptocurrency price continued to trade in the red on Tuesday as the global crypto market capitalization stood at $2.24 trillion today, down 5.0% over the past 24 hours.
Meanwhile, bitcoin fell below a price level closely watched as the biggest cryptocurrency plunge, rising for the fifth week from its all-time high.
Similarly, other cryptocurrencies such as Ethereum, Dogecoin, Shiba Inu also fell on Tuesday, according to CoinGecko.
The price of Dogecoin is down 4.3% to $0.157700 over the past 24 hours, while the Shiba Inu price is down 5.7% to $0.00003337 during the same period. Ethereum price fell 5.2% to $3,779.56 in the last 24 hours.
The global cryptocurrency market capitalization stood at $2.24 trillion on Tuesday, a 5.0% decrease over the past 24 hours.
The total cryptocurrency trading volume on the last day is $115 billion. According to CoinGecko, the dominance of Bitcoin is 39.4% and that of Ethereum is 20%.
This is in view of the four consecutive weeks of decline in bitcoin for the seven days ended Friday. Unlike most traditional asset classes and securities, digital tokens trade around the clock, often on lightly regulated online exchanges around the world.
Bitcoin received a brief boost on Friday following a report showing a rally in US consumer prices, supporting the argument that the coin is a hedge against the erosive effects of inflation. On December 4th, the coin fell by 21% before recouping losses for almost half an hour. It is still about 30% down from its all-time high of around $69,000 which was reached on November 10.
Proponents have long argued that bitcoin and other digital assets, by virtue of their being a distinct asset class, can act as a hedge against swings in other areas of the financial market. Only 21 million bitcoins will be put into circulation under the computer protocol that governs the issuance, although this figure is not expected to reach the next 100 years.
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