Cryptocurrencylistings Markets: Bitcoin's price has dropped beneath the $20,000 level.
The cryptocurrency sector is witnessing sharp declines in prices. Glassnode Glassnode isn't mistaken in characterizing the current phase as 'a bear market like no other,' particularly when considering its lengthy span and the widespread financial impact. The total crypto market cap, having seen a drop of 5.15% recently, stands at $896.18 billion.
Bitcoin's value continues to slide. As things currently stand, it's trading at $19,950.22, having fallen under the $20K mark. While the drop might not seem drastic, it indicates that we're far from exiting this bear market phase.
In a rather unusual turn of events, spot prices are trading below the realized price, suggesting that traders are incurring losses on bitcoins they purchased at higher values. According to Glassnode, 'Spot prices are currently at an 11.3% discount to the realized price, indicating that the average trader is now facing losses on their holdings.'
Ethereum's ether has seen an even steeper decline in the past 24 hours, with its value plummeting by 8.96% to $1,112.11. Binance's BNB isn't far behind with an 8.37% drop, while Cardano's ADA has only lost 4.81%. XRP has decreased by 6.35%, and Solana SOL has dropped by an alarming 11.68%.
Significant drops are also affecting major metaverse coins. The trading volume has plunged by 13.03%, and the overall market cap has decreased by 3.38%, highlighting the challenging times for NFT-related cryptocurrencies.
Flow, the leading metaverse cryptocurrency, has seen an 11.24% reduction in its value within the last day. Decentraland's MANA is down by 9.57%, ApeCoin is facing a 12.90% drop, Tezos has fallen by 9.66%, and The Sandbox's SAND has experienced an 11.43% decrease. On a more positive note, Yield Guild Games YGG has risen by 9.14%, and Immutable X IMX has gained 3.64%.
The Metaverse Index (MVI) has also felt the impact of this downturn, dropping by 8.79% and is currently priced at $39.
Read related posts:
- Cryptocurrencylistings Markets: Some cryptocurrencies have seen gains, yet Bitcoin's price continues its downward trend.
- Cryptocurrencylistings Market: Bitcoin seems to be heading towards a $20,000 support level.
- Rare Bears NFT Discord hack results in nearly $800,000 in NFTs being stolen.
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