Cryptocurrency Market loses Over $50 Billion as the Market Tumbles

The cryptocurrency market has over the past few hours over $50 billion dollars as the market fell below the one trillion dollars valuation. The market fell by 14.37% as at press time and is currently at $954 billion.

Bitcoin, the leading cryptocurrency fell from $40,000+ to a low of $33,000+. Though bitcoin has regained some few thousands, it is still down by 13.39% over the past 24 hours.

Smart contracts platform, Ethereum is trading at $1127 after falling by 16.1%. Third largest non-stablecoin on Coinmarketcap, XRP is also down by 18%.

Among the top 10 cryptocurrncies, Litecoin reports the highest loss at 20.67%. Bitcoin Cash also reports a 19% loss at a price of $0.28.

Polkadot is currently trading at $8.29 at a loss of 16.7% over the past 24 hours. Chainlink reports even high loss than Polkadot at 17.2%, though its up by 2.9% over the past 7 days.

Binance Coin (BNB) has been down over the past 7 days by 2.5% and in the last 24 hours, its down by 10%.

The entire market is experiencing a sell off. Bitcoin SV reports the highest loss at 31% among the top 20 cryptocurrenceis. EOS 28.75% loss could be considered to be due to the CTO, Dan Larimer resigning from Block One. Monero (XMR) is surprising up by 7.40% over the past 24 hours and up by 23% over the past 7 days.

For the past weeks, the cryptocurrency market has been raging on with cryptocurrencies gaining upto 400% their prices. These losses may just be what the market requires to continue an upward charge or just like the 2018 bear market era, it may just be the beginning of a new bear season.