The cryptocurrency market has fallen as deep as 11% in just 24 hours. It has been in the hole or behind, and most coins (led by LUNA) have suffered significant losses, such as Avalanche, ApeCoin, Solana, and Shiba Inu, to name a few.
So, what’s going on here?
It’s like a ripple or domino effect that has hit one and is now destroying the rest of the cryptocurrencies.
not just luna
After the UST stablecoin fell sharply, LUNA lost 97% of its value. Other coins did not lose as much as Terra, but they also suffered devastating double-digit losses within 24 hours.
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Most altcoins are currently in the red. This is a major blow to the crypto space and people are trying to analyze their cards. Avalanche has plunged 34% or below $32 and even below $28, which is much worse than the August 2021 crash.
More importantly, Solana is now down 26%, falling further to around $52 at the time of writing. Luna is Terra’s cryptocurrency. Luna also suffered a 97% drop at or below $1 following the collapse of USDT or USD stablecoins.
BTC total market cap at $550.71 billion on the daily chart | Source: TradingView.com
Cardano’s ADA is also down 16% or $0.56, a drop comparable to what it saw in February 2021. Additionally, Polkadot (DOT) has also dropped around 24% in the past 24 hours, or about $9.
Other coins and meme tokens are also more volatile and down today, such as Dogecoin down 23% or $0.087, while Shiba Inu is down more than 27% in the past 24 hours.
At the same time, ApeCoin is also falling rapidly, losing 37% of its market cap in the past day, and is currently trading at $5.90. That price has now plummeted to 85% compared to its streak of $39.40 since its launch in March of this year.
Is there a problem with Metaverse?
Even Metaverse is in trouble, with Decentraland and The Sandbox plummeting to 28% or $0.85 and 28% or $1.32 respectively. These Metaverse game tokens are selling like hot cakes, especially after Facebook’s move to Meta, but are now losing value.
The crypto market quickly lost 11% in 24 hours, led by the king of cryptocurrencies, Bitcoin, which fell 6% or traded below $29,900. Meanwhile, Ethereum also fell to 8% or $2,180.
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Featured image from Physics World, chart from TradingView.com