Most of the cryptocurrencies weakened over the weekend and continued to slide on Monday as well. The flagship currency, Bitcoin falling back towards $20,000 level. Since late last year, nearly $2 trillion has vanished from the market value of cryptocurrencies, as per CoinGecko.
Bitcoin, the world's largest cryptocurrency, dropped 4.10 percent, trading at $20,455 while Ether, the second largest cryptocurrency in terms of market capitalization, fell 4.28 percent to 1,139 over the previous day, according to Coindesk data at 11:45 IST.
The largest cryptocurrency has already lost more than two-thirds of its value since hitting nearly $69,000 in November and hasn’t traded as low as $10,000 since September 2020, as per Bloomberg.
Bitcoin is more likely to tumble to $10,000, cutting its value roughly in half, than it is to rally back to $30,000, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey.
The majority of alternative currencies (altcoins) were traded in the deep red. Shiba Inu, the second-largest meme coin, dropped almost 3.68 percent to $0.000011 whereas the most followed meme coin Dogecoin fell as much as 4.99 percent to $0.064906.
The global cryptocurrency market cap decreased to 3.58 percent to $910.01 billion in the last 24 hours but the total cryptocurrency trading volume decreased 3.27 percent to $54.12 billion.
Out of a total market cap, bitcoin's dominance is 42.84 percent, a decrease of 0.25 percent over the day, as per CoinMarketCap data at 12:12 IST.
