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.