The world’s most popular cryptocurrency, bitcoin, has seen a sharp drop in prices. Bitcoin prices fell 5.42 percent on Monday to reach the level of $ 32,760. Bitcoin prices hit a lifetime high of $67,566 in November 2021, a level where investors’ wealth has fallen by more than half. That is, the wealth of the people has decreased by more than half.
The total market cap of crypto assets fell by more than 50%
Industry players said a sluggish global economy, rising interest rates, inflation concerns, and the global economic crisis are leading to a sharp fall in bitcoin prices. The market cap of the cryptocurrency bitcoin is more than $635 billion. Not only has the market cap of bitcoin declined, but the total market capitalization of crypto assets has declined by more than 50 per cent to $151 trillion, from $31.5 trillion earlier.
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Despite the fall in prices, bitcoin dominates
Despite the sharp fall in prices, bitcoin continues to dominate among crypto tokens. Bitcoin’s dominance currently stands at 41.64 per cent, which was at a level of 36-38 per cent during peak prices. According to market experts, cryptocurrencies have also lost their sheen after the recent sharp fall in technology stocks. Ethereum prices fell 4.6 percent on Monday. At the same time, on Monday, the price of XRP fell by 4.66 percent, the price of Terra by 2.84 percent, the price of Solana fell by 4.68%. Dogecoin is down 3.36 per cent in price, while Shiba Inu is down 8.34%.
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