As the crash of the cryptocurrency market shows no signs of stopping, cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have suffered double-digit drops.
The crash that has plagued the cryptocurrency market since yesterday has resulted in quite the turmoil, having the 10 biggest cryptocurrencies by market capitalization experience double-digit losses in the last 24 hours.
Per the CoinGecko data, Bitcoin (BTC) is trading presently at roughly $46,000, having incurred an 18% dive. Ethereum (ETH) is trading at $3,870, equivalent to a 15% downturn. Polkadot (DOT) appears to be the biggest loser of the bunch, as it is trading at $27.47, incurring a dip of nearly 24%. From the staggering ATH of November, Bitcoin (BTC) has incurred a 32% dive.
The drop has depleted the overall market capitalization of all cryptocurrencies, which in a 24 period has fallen by 16% to a little above $2.3 trillion. The market cap of cryptocurrencies skyrocketed to $3 trillion when Bitcoin (BTC) hit an ATH in November.
The crypto and stock market prices have fallen in lockstep. The technology stocks suffered a 2% dive on NASDAQ, as the global outbreak of the Omicron strain of Covid-19 has revived economic worries. Similarly, in combatting the surge in inflation, the Federal Reserve is expected to raise interest rates.