The crypto market has deep-dived to 11% in just 24 hours. It’s been in the hole or behind and most coins (led by LUNA) have been suffering major losses such as Avalanche, ApeCoin, Solana, and Shiba Inu, to name a few.
So, what’s happening here?
It’s like a ripple or domino effect that has hit one and is now derailing the rest of the cryptocurrencies.
Not Just LUNA
LUNA has lost 97% of its value following the major dip of UST stablecoin. The losses of other coins are not as massive as Terra but they have also suffered devastating double-digit losses over the 24-hour time frame.
Suggested Reading | Shiba Inu Vs. Dogecoin And LUNA: Which One Will Survive The Crypto Carnage?
Altcoins In The Red
Most altcoins are in the red at this time. It’s a major blow in the crypto space and people are trying to analyze their cards. Avalanche has plummeted to 34% or under $32 and it even crashed below $28 which is far worse than its slump in August 2021.
More so, Solana is now down by 26% which has further dropped to around $52 as of this writing. Luna is the cryptocurrency of Terra. Following the collapse of USDT or the dollar stablecoin, Luna also suffered a massive slump at 97% or below $1.
BTC total market cap at $550.71 billion on the daily chart | Source: TradingView.com
ADA of Cardano has also slid down by 16% or $0.56 displaying tremendous dips comparable to what transpired in February 2021. Additionally, Polkadot (DOT) has also crashed to around 24% over the past 24 hours, or about $9.
Other tokens and meme coins are also extra volatile and dipping today like Dogecoin which is down 23% or $0.087 and Shiba Inu, which has lost over 27% in the past 24 hours.
Meanwhile, ApeCoin is also falling rapidly and has scraped 37% off its market value over the past day with the current prevailing price at $5.90. The price has now plunged to 85% compared to its winning streak of $39.40 following its launch in March of this year.
Trouble In Metaverse?
Even the metaverse is having trouble Decentraland and The Sandbox have plunged to 28% or $0.85 and 28% or $1.32, respectively. These metaverse gaming tokens were selling like hotcakes especially following Facebook’s switch to Meta but are now losing out on value.
The crypto market has slumped by 11% in a quick span of 24 hours led by the king of cryptocurrencies, Bitcoin which suffered a dip of 6% or a price below $29,900. Meanwhile, Ethereum is also down to 8% or $2,180.
Suggested Reading | Bitcoin Price Crashes Below $30K As Markets Show Signs Of Paranoia
Featured image from Physics World, chart from TradingView.com