$100 billion wiped in crypto market amid profit taking

The crypto market has shed much of the weekend’s stellar gains, as significant selling pressure from crypto sellers pushed the value of cryptocurrencies lower across the market spectrum amid profit-taking.

What you should know

At the time of drafting this report, about $100 billion in value was virtually wiped out, taking into account the flagship crypto, Bitcoin, the dominant player in the crypto market, lost as much as $5,000, according to data retrieved from Coin360.

  • The global crypto market value now stands at about $1.00 trillion, a 10% decrease over the last day.
  • The total crypto market volume for the day is $183.25 billion, which makes a 23.97% increase.
  • The total volume in DeFi is currently $11.4billion – 6.40% of the total crypto market daily volume.
  • The volume of all stable coins is now $144.91 billion, which is 79.08% of the total crypto market daily volume.
  • Bitcoin’s price is currently $3,600.
  • Bitcoin’s dominance is currently 67.36%.

Other leading crypto assets that include Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 11% in value.

Crypto experts interviewed by Nairametrics are saying that a market correction was long overdue after the overextended bullish move. The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, on the account that Bitcoin’s realized profits are at record highs.

Olumide Adesina

Gh Extractives

Ghextractives.com is an independent multimedia portal that seeks to provide credible information and news content to readers especially players in the extractive sector in Ghana, Africa and beyond. It also provides a unique platform for players in the energy sector to market their products and reach a wider audience

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