Cryptocurrencylistings Markets: A majority of cryptocurrencies are experiencing declines; Bitcoin dips under the important $20,000 threshold.
Is there no relief in sight for the ongoing crypto winter? The digital currency market continues its downward spiral, leaving little room for any bullish signs. The overall market remains highly unstable, with values still lingering at the lower end of the spectrum.
Bitcoin persists in its downward trajectory. After a drop of 2.43%, it has once again fallen below the critical $20,000 threshold, currently trading at $19,858.90. As highlighted by Glassnode, the cryptocurrency's pricing continues to stabilize around this $20,000 mark.
According to Glassnode In this current bear market phase, we've already seen a peak decline of around 75%, with the $29,000 level serving as a similar point of reference to that seen in the bear market of 2019. The latest sell-off witnessed prices plummet by 40% within merely two weeks, bottoming out at $17,600 in mid-June.
Ethereum's ether has taken an even bigger hit, down by 5.64%, with its current value sitting at $1,072.60. Other prominent cryptocurrencies aren’t faring much better either; Binance's BNB has decreased by 2.08%, XRP by 3.66%, Cardano's ADA by 2.43%, and Solana's SOL by 2.29%. Moreover, some tokens have seen substantial losses, like Aave's drop of 10.83%, TerraClassicUSD (USTC) by 10.68%, and Compound (COMP) by 10.03%.
Aside from The Sandbox's SAND, which has risen by 2.13%, most of the major metaverse cryptocurrencies are facing declines. For instance, Flow's price has dropped dramatically by 5.50%, while Decentraland's MANA has decreased by 2.88%. Additionally, Tezos (XTZ) and ApeCoin (APE) have suffered significant losses of 6.25% and 5.27%, respectively.
While the negativity dominates the market with various price drops, there are a handful of coins that are seeing upward movement. For instance, Monavale's MONA has surged by an impressive 19.87% in the last 24 hours, Virtua's TVK is up 16.88%, and CEEK VR has climbed by 5.18%.
Regrettably, amidst this market downturn, the Metaverse Index (MVI) is also slipping further. It has fallen by 4.42%, now being traded at a price of $35.24.
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