Sat. Jun 22nd, 2024

Crypto Crash Wipes $1 Trillion Value In A Day: Dip Keeps Dipping

By Ekenedilichukwu Jan22,2022
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Crypto major coin,  bitcoin (BTC) and ether (ETH) crashed below key $40,000 and $3,000 support levels respectively, late Thursday evening, sending the thousand of altcoin market into a free fall, as uncertainty hooks investors.

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According to data from CoinGecko, the total market cap of the cryptocurrency industry crashed 11% to $1.9 trillion as of Friday afternoon during U.S. trading hours, down from an all-time high of $3.1 trillion in November.

Most major cryptocurrencies suffered double-digit losses and the recent crypto crash batch of corrections increasingly signal bear market territory.

With the Nasdaq composite stock index down 5% in the past week, the sell-off in cryptocurrency markets appears to be echoing the movements of tech stocks.

There appears to be little safety from the bloodshed according to CoinDesk report. Recent altcoin winners including Near Protocol’s NEAR (-17.5%), Fantom’s FTM (-15.4%) and Cosmos’ ATOM (-12.0%) tokens also suffered in the Friday sell-off.

NEAR, FTM and ATOM’s relatively strong performance against BTC and ETH on a year-to-date basis has some traders speculating about an altcoin decoupling. At least for the moment, today’s market downturn is sending crypto asset correlations up.

However, ATOM remains one of the only major tokens hovering in positive territory year to date (+3.0%).

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