Bitcoin on Tuesday plunged on 4.07 per cent to $42,386. However, the largest virtual currency tanked 1.47 per cent over the last week. And the market cap of the Bitcoin stood at $798.43 billion. The Bitcoin has been reeling under distress since last one week owing to China’s housing finance company Evergrande’s crisis that sent the shockwaves across the global markets. The markets across the world are still fretting over the Evergrande’s financial crisis, the uncertainty emanating from the markets influenced the price of Bitcoin.
“The cryptocurrency market made some volatile moves over the past 24 hours. Bitcoin surpassed the $44,000 mark at one point. However, BTC witnessed a minor sell off in the day and settled lower. Followed by the selloff in BTC and ETH, a similar profit booking took over the crypto spectrum. Terra network’s native token, Luna, was the only one that had a great rally as it jumped more than 10%. The total volumes witnessed a sharp decrease and the total market capitalization dropped to $1.91 trillion. This was a minor consolidation and not a major selloff. Markets would likely remain volatile over the coming 24 hours,” Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said.
On the other hand, Ethereum, the rival currency of Bitcoin was trading at $2942.05, down 6.35 per cent and it went down almost by 2.35 per cent over the last one week. The virtual currency slid taking its market cap down to $345.80 billion. Similarly, another virtual currency Cardano was trading at $2.15, down 4.72 per cent, however the currency tanked 0.84 per cent over the last one week bringing its market cap down to $69.06 billion.
The another factor that is fueling a sharp decline in the cryptocurrency market is the recent crackdown by the China’s bank that has roiled the markets across the world. According to a Q&A statement, China’s central bank said all cryptocurrency-related transactions are illegal. Also, In May, Beijing said it will shut down cryptocurrency-mining activities because they consume massive amounts of electricity, often from coal-fired power plants, while the country pledged to manage its carbon emissions.
The volatility in the cryptocurrency market, pushed the global crypto market cap to a level of $1.88 trillion, that is a 4.27 decrease over the last day. The total crypto market volume over the last 24 hours is $97.25 billion, which makes a 14.76 per cent decrease. The total volume in DeFi is currently $17.02B, 17.50 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $78.87 billion, which is 81.10 per cent of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 42.52 per cent, an increase of 0.17 per cent over the day, according to coinsmarketcap.com.
Here are the top 10 cryptocurrencies and their prices on September 28, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $42,386 or (-4.07 per cent) change in 24 hours
Ethereum $2,942.8 or (-2.35 per cent) change in 24 hours
Cardano $2.15 or (-4.72 per cent) change in 24 hours
Tether $1.00 or ( 0.01 per cent) change in 24 hours
Binance Coin $338.65 or ( -4.34per cent) change in 24 hours
XRP $0.9329 or (-4.46 per cent) change in 24 hours
Polkadot $27.79 or (-3.14 per cent) change in 24 hours