The crypto market’s abrupt decline has caused the prices of 72 of the top 100 tokens to drop by more than 90 per cent from their all-time highs (ATH), crypto tracking site CoinGecko has said.
According to data, Bitcoin was the most valuable cryptocurrency in the world, and it has dropped more than 30 per cent in the last seven days and is now trading at less than 70 per cent of its November high of $69,000. Ether, the second-largest cryptocurrency, has also fallen 78 per cent from its November peak of $4,878. During the market collapse, which began in April this year, nine of the top-10 cryptocurrencies have lost more than 90 per cent of their value.
Binance Coin, Cardano, and Solana, all of which are in the top-10, have dropped by 68-88 per cent. According to the data, the top-10 tokens have lost an average of 79 per cent in the last two months, while the top-20 coins have lost an average of 81.1 per cent since their all-time high.
The price of Bitcoin has fallen from around $41,000 three months ago to around $20,000 at the time of writing. Bitcoin’s market cap fell from nearly $800 billion to under $400 billion in the same period, according to Coinmarketcap.
The bear market has had an impact on the community and the crypto industry as a whole. Due to the slump, Coinbase, the crypto industry’s poster child, revealed earlier this week that it would be laying off 18 per cent of its workforce, or about 1,100 individuals. This moment of ‘crypto winter’, according to billionaires Tyler and Cameron Winkelvoss, is a contraction phase that is settling into a period of stasis. The current socio-economic and geopolitical crisis has just added to the chaos.
Furthermore, INTEX, an Indian multinational electronics manufacturing company, has announced the adoption of 5ire’s Blockchain to enter Web 3.0. The company said that by adoption, it would embark on a new technological revolution in the retail industry.
“We are pleased to join with 5ire. Web 3.0 will open up a plethora of new business opportunities. The level of efficiency will skyrocket. It will result in increased transparency, because decentralisation is at its foundation. It’s a step towards a more sustainable world. We are at the start of a new era,” said Intex director Keshav Bansal.
The price of Bitcoin in the cryptocurrency market rose by 0.04 per cent in the last 24 hours, and it was trading at $21,114.64 at 4:30 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 44.35 per cent, down by 0.11 per cent in the last 24 hours.
In the last 24 hours, Ethereum (ETH) was trading at $1,102.32, down by 1.23 per cent, while Binance Coin (BNB) was up by 1.01 per cent during the same time period, and it was trading at $218.76. Solana (SOL) was up by 1.98 per cent to $31.86, while Cardano (ADA) was up by 1.25 per cent to $0.4951.
Dogecoin was trading at $0.05772 at 5:00 pm IST, up by 2.70 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was up by 1.55 per cent, and it was trading at $0.000008238. Samoyedcoin was up by 0.53 per cent, and it was trading at $0.004098, while Dogelon Mars was up by 2.56 per cent, and it was trading at $0.0000002765.
According to Coinmarketcap.com, the global crypto market cap was at $908.20 billion, a decrease of 0.14 per cent in the last 24 hours, while the total crypto market volume was $75.24 billion, a decrease of 29.77 per cent.
SIRIN LAB TOKENS (SRN) was the biggest gainer, gaining 1,371.19 per cent. It was trading at $0.0204 at 4:30 pm IST, according to Coinmarketcap. In contrast, Etherstones (ETHS) witnessed the maximum loss and fell by 100 per cent. It was trading at $0.000000137.