The crypto market erased the $1 trillion mark due to a sharp drop in trading volumes and cooling off in hype over the Ethereum merge upgrade and the tax burn plan of Terra Token. As on Sunday, the global crypto market cap stands at around $975 billion, while trading volume has registered a drop of over 26% so far in the day. Bitcoin is trading above the 20,000 mark, while Ethereum is slightly above $1,450. ApeCoin crypto is the best performer in 24 hours.
On CoinMarketCap, at the time of writing, global crypto The market cap traded at $974.89 billion, an increase of 1.26 over the previous day. However, the total crypto market volume of $47.15 billion fell 26.12% in the last 24 hours.
Meanwhile, currently, the total volume in DeFi stands at $3.77 billion — 8% of the total 24-hour volume of the crypto market. While the volume of all stablecoins is now $42.91 billion — which is 91.02% of the total crypto market 24-hour volume.
Bitcoin climbed more than 1% in 24 hours. The largest cryptocurrency is trading above $20,050. The market cap of crypto is approximately $384.61 billion.
Ethereum It is up about 2% in 24 hours and is trading around $1,455. The market cap of crypto is over $178.5 billion.
Among the top 10 cryptocurrencies, XRP is up over 6%, while Solana is up over 3%. Meanwhile, Cardano and Dogecoin advanced about 2%. Other cryptos like Tether, USD Coin, BNB and Binance USD saw slight volatility in the last 24 hours.
Bitcoin is currently the largest cryptocurrency, while Ethereum is the second largest in the market. Currently, the dominance of Bitcoin stands at 39.44%.
ApeCoin is the top performer in the market with a gain of around 18% and is trading around $5.60. Including Apcoin, and other cryptocurrencies such as Celsius, Lido Dao, XRP and Chilliz were among the top 5 gainers, rising by 5-18% in value.
However, in the past seven days, Bitcoin is down by over 7%, while Ethereum is down by over 17%. BNB, Cardano, Solana and Dogecoin have slipped between 2-5%. ApeCoin up almost 10%.
Last week, the much-awaited Ethereum merge finally went live. The merge has completed Ethereum’s transition to Proof-of-Stake consensus, officially removing Proof-of-Work and reducing energy consumption by ~99.95%.
Henry Elder, Head of Decentralized Finance at Wave Financial, said, “Now that the merge has (very successfully) concluded, we have run out of near-term positive catalysts and we are running into a wall of bearish macro sentiment, As reported by Bloomberg.
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